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Oil prices rose on Wednesday, 11-14-2018, heading for $ 67 per barrel, and the benchmark global benchmark was around 66.65 dollars after falling to 65.02 dollars earlier. US crude rose 60 cents to $ 56.29.
Crude offset some losses from the previous session as OPEC and its two producer allies cut production at a meeting next month to support the market, and crude oil rose after three well-informed sources said OPEC and its partners were discussing proposals to cut production by 1.4 million barrels per day, Previously.
Since mid-October, Brent has fallen 17.5 percent due to rising supply concerns and slowing demand, which has been one of the biggest declines since the fall in prices in 2014.
Novak: There is no justification for the extraordinary size to stop the decline in oil prices
Russian Energy Minister Alexander Novak said long-term oil prices must be taken into account when decisions are taken by oil-producing countries and there is no reason to take special measures to curb falling prices..
Novak said Wednesday that oil prices averaged around $ 70 per barrel this year.
"The market is very volatile today," he told reporters on the sidelines of an international conference in Singapore. We remember that oil prices have risen sharply on the same handling, and are now declining, we must see developments in the long run, in the way prices will stabilize"He said.
He added that it was inappropriate for the market to respond to extraordinary fluctuations, saying that the oil market was not fully understood after the impact of US sanctions on Iran and how buyers would deal with it..
"I think the market is volatile due to a lot of uncertainty," he said, adding that Russia had cut oil production by around 20,000 bpd since early November after recording a record high of 11.41 million bpd in October..
Russian Economy Minister: Oil can fall further in the short term
The Interfax news agency quoted Russian Economy Minister Maxime Oreshkin as saying on Wednesday that oil prices may fall further in the short term but the situation seems more stable in the medium and long term..
Oreishkin told reporters in Singapore that oil prices fell due to the scarcity of supply supply witnessed by the market in early 2018.
The United States announced the reinstatement of sanctions against Iran earlier this month for Tehran's Middle East activities.
But eight importing countries received temporary exemptions to continue buying oil from Tehran, prompting Iranian President Hassan Rowhani to say that Washington would not be able to stop exporting its oil completely..
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Source: Day 7