Saudi EnergyMin: Seeing significant improvement in oil market fundamentals

While speaking to reporters ahead of the OPEC+ JMMC meeting, Saudi Arabia's energy minister Prince Abdulaziz bin Salman noted that they are seeing a significant improvement in oil market fundamentals. 

"The world oil demand will recover to 97% of the pre-crisis level in the fourth quarter," the minister further added.

Meanwhile, Russian energy minister Alexander Novak noted that the oil market was still fragile among remaining uncertainties.

Market reaction

Crude oil prices continue to trade in the positive territory following these comments. As of writing, the barrel of West Texas Intermediate (WTI) was seen gaining 0.1% on the day at $42.55.