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OPEC Secretary-General Mohammad Barkindo crossed the wires in the last minutes arguing that there is no cause for alarm in the oil market for the moment and reminded that the OPEC+ deal will run until March 2020.

“No one in OPEC+ wants to return to where we came from during oil prices downturn,” Barkindo said. “Fundamentals of global economy remain strong, there is no sign of a global economic recession.”  

Barkindo further added that demand numbers for 2020 have the potential for an upside swing.  

Crude oil prices edged lower on these comments and the barrel of West Texas Intermediate was last down 0.55% on the day at $56.45.