The global oil market is "rebalancing" and crude inventories are expected to continue declining this year, Reuters reported, citing Saudi Arabian oil minister, Khalid Al-Falih, during a two-day visit to India.

 

"This is a period of soft demand as we all know because of seasonality. Refineries are undergoing maintenance as well as low consumer demand but the data speaks for itself, "he added.

 

Al-Falih added that he hopes markets would stabilize.

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