Novak sees oil market improving on lower output

Business | Markets | Commodities | Energy 4/21/2017, 9:04 AM
Novak sees oil market improving on lower output

Japan is open for bilateral projects in the areas of electric power and deep hydrocarbon conversion, Alexander Novak, Russian minister of energy, stated in Tokyo on Friday. After speaking to officials from more than 30 companies from the island country, including Mitsubishi, Mitsui and Marubeni, he added renewables to the mix of sectors with potential for cooperation. Turning to the oil market, Novak said the situation has become better since lower global production caps were introduced at the beginning of the year.

The energy minister will today meet Hiroshige Seko, Japan's minister of economy, trade and industry. 

West Texas Intermediate for settlement in June edged 0.22% up to $50.82 per barrel at ICE Futures Europe. Brent for delivery in the same month added 0.19% to change hands for $53.09 for one barrel.

TeleTrader Newsroom / IT

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