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Russian Deputy Prime Minister Alexander Novak said on Wednesday there was an oil deficit on the global market even though some countries were recording a growing number of COVID-19 cases.
Novak: oil market balanced today due to slight excess of demand over supply
MOSCOW. May 19 (Interfax) - The oil market is currently balanced due to a slight excess of demand over supply, Deputy Prime Minister Alexander Novak told reporters.
When asked about his assessment of the current oil market shortages in light of the situation in India and Brazil, he said: We ve been seeing shortages over the last few months, which is reducing residual balances. I don t think I can give you specific figures right now, you need to look at the report for April, which will be considered at the next JTC (the OPEC+ technical monitoring committee). But there is definitely a shortage in the market, due to which there is a decrease in the accumulated residuals from last year and a gradual alignment [of reserves] to the five-year average.
The oil market is fairly balanced at present with demand slightly exceeding supply, Russia’s Deputy Prime Minister Alexander Novak told reporters on Wednesday
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NEW YORK (Reuters) - Oil prices dropped over $2 a barrel on Wednesday to their lowest in three weeks, on worries that surging COVID-19 cases in Asia would dent demand for crude and that U.S. inflation fears could prompt the Federal Reserve to slow economic growth with interest rate hikes.
FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford
Traders also cited rumors that the Iran nuclear talks were making progress, which could boost global crude supplies and depress prices.
Brent LCOc1 futures fell $2.05, or 3.0%, to settle at $66.66 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.13, or 3.3%, to settle at $63.36. Earlier in the day, WTI was down more than 5%.