Oil prices rise marginally after IEA report

Crude oil prices rose marginally during Thursday’s trading session after the International Energy Agency (IEA) released its monthly report and after the statement by Russian Energy Minister Alexander Novak.

IEA slashed its 2020 outlook by 140,000 barrels per day (bpd) to 91.9 million bpd, registering a fall of 8.1 million bpd year-on-year.

The energy agency expects global oil supply to fall by 7.1 million bpd in 2020 and rise by 1.6 million bpd next year.

On the other hand, Russian Energy Minister Alexander Novak said that there are no additional proposals to change the deal between OPEC and other leading oil producers on production cuts.

He indicated that the meeting of Joint Ministerial Monitoring Committee is likely to be delayed to August 19, stating there will be no discussion on further easing of output cuts as the oil market is gradually stabilizing.

Brent crude rose 0.2% at $45.55 a barrel, while West Texas Intermediate oil was up 0.1% at $42.72 a barrel.