Saudi Energy Minister crossed the wires in the last minutes arguing that oil markets are driven by negative market sentiment but added that he doesn't believe that it's impacting the oil demand growth.

"People are speculating about global recession but there is no recession today," he added.

These comments had little to no impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was trading at $56.90, adding 0.5% on a daily basis while the barrel of Brent was up 0.3% on the day at $61.85.