Global market witnesses oil deficit despite rising COVID-19 cases, says Russia's Novak

Alexander Novak, Russia’s Deputy Prime Minister

Russian Deputy Prime Minister Alexander Novak said that oil prices ranging between $62 and $66 a barrel reflect the current market conditions, Reuters reported, citing an interview with Russia’s Moskovskij Komsomolets newspaper.

In a separate statement to reporters, Novak said there was an oil deficit on the global market even though some countries were recording a growing number of COVID-19 cases, Reuters reported.

"There definitely is a deficit on the market which helps to reduce an (oil stocks) excess left from last year, to gradually bring it to the level of a five-year average," Novak said.