Russia's Novak: Main precondition for OPEC+ deal expansion is how fast demand recovers

"The main precondition for an OPEC+ deal expansion is how fast the demand recovery," Russian energy minister Alexander Novak told a news conference on Monday and added that the level of oil inventories were also important.

"It's premature to forecast the situation in August," Novak further noted. "The issue of Libyan production ramp-up will be reviewed later at June-July Joint Ministerial Monitoring Committee (JMMC) meeting."

Market reaction

Crude oil prices continue to erase Monday's gains ahead of the American session. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.23, rising 0.4% on the day.