OPEC Secretary General Mohammad Barkindo stated in an interview with Bloomberg TV at CERAWeek by S&P Global in Houston.

He said that futures markets are "paper barrels", but physical market supplies are assured.

Reaction of the market

WTI maintains the bid tone at $126 and is aiming to retest the multi-year highs reached on Tuesday of $130.50. Black gold has risen by 1.80% thus far.