Russia's Novak: Oil demand growth in 2020 to be around 1 million bpd

The global oil demand growth in 2020 is expected to be around one million barrels per day, Russia's Energy Minister Alexander Novak told reporters on Wednesday, per Reuters.

"Russia will produce 556-560 million tons of oil in 2019," Novak added and noted that Russia is trying to be in line with OPEC+ output cut commitments in November.

Crude oil continues to recover following these comments. As of writing, the barrel of West Texas Intermediate was trading at $55.50, adding 0.75% on a daily basis.