Saudi OilMin: The rebalancing of oil inventories is well under way

More comments flowing in from Saudi Arabian Energy Minister Khalid al-Falih, as he now speaks at an energy forum in Moscow.

Key Points:

Oil demand was healthy around the world

There was a steady reduction in global oil inventories.

The rebalancing of oil inventories is well under way

The recovery in oil markets has helped other commodities

“Shale coming in and happening again in 2018 doesn’t bother me at all. The market can absorb it.”

Meanwhile, both crude benchmarks are seen attempting minor recovery after yesterday’s sharp sell-off. However, the upside appears limited amid increased cautiousness ahead of the Saudi-Russia epochal meeting to discuss OPEC oil output cuts extension.

At the time of writing, WTI trades +0.20% higher at $ 50.05, while Brent rises +0.72% to $ 56.20.