Novak: oil prices to rise in second half of year

Russian Energy Minister Alexander Novak believes that the demand in the oil market will grow in the third quarter of this year. Now, according to him, price balancing is taking place.

"In my opinion, there's potential for oil prices to rise in the second half of the year," the minister noted. "The last two weeks there is a gradual increase in prices, the market is recovering, there is a balancing. And it will continue, because oil demand will continue to grow in the third quarter," RIA Novosti cited Novak as saying.

In late May, the Russian Energy Minister predicted that oil prices will recover to previous levels of about $50 in the short term.