Russia's Novak: Next OPEC+ meeting will decide on oil output in August

Russian Deputy Prime Minister Alexander Novak said on Thursday that they will decide on the OPEC+ oil output strategy for August at the next meeting, as reported by Reuters.

"Oil prices reflect the balance of supply and demand," Novak added and said that they expect to see a seasonal oil demand increase in the third quarter of the year. "The current oil price is good enough for Russia," he further noted.

Market reaction

Crude oil prices are edging lower during the European trading hours and the barrel of West Texas Intermediate (WTI) was last seen posting small daily losses at 68.70.