Ministry: Crude demand fall reduced

Ministry: Crude demand fall reduced
  • Clock-gray 15:26
  • calendar-gray 06 May 2020

Russia's Deputy Energy Minister Pavel Sorokin revealed on Wednesday the country will "quickly" reach its peak of oil production cuts, adding its in no one's interest to break OPEC+ deal, APA reports citing Tele Trader. 

Sorokin explained there are no reasons for oil prices to fall to or below zero now that the production cuts have gone into effect and claimed he can see the first signs of oil market recovery.

Brent for settlements in July advanced 2.16% to sell for $31.64 per barrel at 6:52 am ET, while West Texas Intermediate (WTI) for June delivery concurrently gained 3.66% to go for $25.46 a barrel.

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