9/19/2019, 5:29 PM (Source: TeleTrader)
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Novak: Oil market has been stabilized

Russia’s energy minister Alexander Novak, an ally of Riyadh in a pact to curb supply, said that Russia will be sticking to OPEC+ deal.

He explained the situation has been stabilized after attacks in Saudi Arabia and added that the oil markers are calmer than at the beginning of the week and that the country will not cut its oil exports.

"Saudi colleagues told us they managed to increase production at their other fields. We are concerned about the risks of such attacks as in Saudi Arabia," Novak added.

The price of the International benchmark Brent was trading up by1.59% to $64.58 at 11:18 am ET, while West Texas Intermediate jumped 1.15% concurrently to reach $58.78.

Breaking the News / TF