Russia says no emergency action warranted to halt oil price decline | Reuters:
Russia’s energy minister said on Wednesday no emergency action was warranted to stem a decline in oil prices, as crude benchmarks fell again.
Alexander Novak told reporters on the sideline of an international conference in Singapore that long-term oil prices should be taken into consideration when any decision was taken by oil producing countries.
He was talking as oil markets fell again, extending losses from a 7 percent plunge the previous session as surging supply and the specter of faltering demand scared off investors.
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