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OIL: Oil Volatility to Ease as Geopolitical Risks Already Factored: Novak

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Russian Deputy Prime Minister Alexander Novak does not expect escalation in Middle East to result in major oil price volatility, according to Reuters citing Al Arabiya News.

  • "In recent weeks the prices have been volatile," but oil price fluctuations will subside as geopolitical risks are already factored in, he said.
  • " I think the Middle East factor has been embedded in the price for a long time already," Novak said.
  • "It seems to me that oil prices are influenced by very many various factors. These are also factors that concern the balance of demand and supply, and economic growth, consumption, meaning forecasts for oil demand," Novak said.
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Russian Deputy Prime Minister Alexander Novak does not expect escalation in Middle East to result in major oil price volatility, according to Reuters citing Al Arabiya News.

  • "In recent weeks the prices have been volatile," but oil price fluctuations will subside as geopolitical risks are already factored in, he said.
  • " I think the Middle East factor has been embedded in the price for a long time already," Novak said.
  • "It seems to me that oil prices are influenced by very many various factors. These are also factors that concern the balance of demand and supply, and economic growth, consumption, meaning forecasts for oil demand," Novak said.