Russia's Novak: Many speculative factors behind falling oil prices

OPEC+ countries will continue to monitor the situation in the oil market, Rusian Energy Minister told RIA news on Friday, per Reuters.

Regarding falling crude oil prices, Novak argued that there were many speculative factors driving the prices lower. Novak further noted that they haven't yet decided on a date for the next OPEC+ meeting. "We need to watch the coronavirus situation and behaviour of other countries before setting a meeting date."

Crude oil reaction

The barrel of West Texas Intermediate largely ignored these comments and was last seen trading at $42.45, down 7.7% on the day.