IEA's Birol: Quick recovery of oil prices not expected

Oil importing countries may announce purchasing oil at the G20 meeting to support demand, International Energy Agency's (IEA) chief Fatih Birol told Arabiya TV on Thursday, per Reuters, and added that he doesn't expect a quick recovery in demand.

Birol further noted that he doesn't see crude oil prices recovering quickly either.

Market reaction

Crude oil prices largely ignored these comments and continue to edge higher ahead of the critical OPEC+ meeting. As of writing, the barrel of West Texas Intermediate was up 4.15% on the day at $27.18.