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Russia’s energy ministry is expecting the global oil market to reach its balance in June or July, the state-run news outlet RIA Novosti reported on Monday, citing sources familiar with the matter.

The ministry is also seeing a surplus of 7-12 million barrels per day currently on the global oil market.

Market reaction

Crude oil prices paid little to no mind to these comments. As of writing, the barrel of West Texas Intermediate (WTI) was moving sideways near $33.50, registering modest daily losses.