Russia's Novak: Oil prices will not recover quickly

Russian energy minister, Alexander Novak was out with some comments in the last hour, via Reuters, saying that a significant rise in oil prices is unlikely in the near future due to high volumes in storage. The global oil markets may start balancing gradually in May, once OPEC+ deal is enforced, Novak added further.

The comments, however, did little to lend any support to oil prices. WTI crude was last seen flirting with the key $10.00/barrel mark, down over 20% for the day.