Ahead of the meeting with Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman later on Wednesday, Russian Deputy Prime Minister Alexander Novak said that “Russia and Saudi Arabia will discuss oil market situation and oil prices,” TASS news agency reported.
Novak said that “the escalation of the Israel-Palestinian conflict may affect the oil market.”
Market reaction
WTI is catching a fresh bid in immediate reaction to the above comments, challenging daily highs at $84.90, up 0.38% on the day.