Russia's Novak: Global oil market is fairly balanced, volatility isn't high

According to the Interfax news agency, Russian Energy Minister Alexander Novak today said that the global oil market was fairly balanced and that the volatility wasn't high. "Russia and Belarus are close to agreement on oil transit tariff," Novak added. "We hope there will be a high demand for oil in 2020."

There seems to be a negative reaction from oil with the barrel of West Texas Intermediate erasing its daily gains in the last minutes and turning flat on the day near $56.20.