Saudi Energy Minister: Uncertainty around oil market recovery has not receded

While speaking at the 14th OPEC and non-OPEC Ministerial Meeting, Saudi Arabia's energy minister Prince Abdulaziz bin Salman noted that the oil market has continued to improve but added that the uncertainty around recovery has not receded, per Reuters.

Reflecting the same sentiment, Russian Deputy Prime Minister Alexander Novak said that the oil market has not fully recovered yet and added that the key issue is the uncertainty over coronavirus.

"We have to evaluate forecasts on oil and demand," Novak noted. "We have to stick to agreements."

Market reaction

Crude oil prices push higher during the press conference and the barrel of West Texas Intermediate (WTI) was last seen gaining 2.12% on the day at $62.30.