The global oil market is set to stabilize by the year end, with oil prices seen hovering at what seems to be “fair levels” between $50 and $70 per barrel, Russia’s Energy Minister Alexander Novak said Friday. Speaking on state television channel Rossiya 24, Mr. Novak said oil prices won’t return to levels of $100 per barrel in the mid-term. He said though low oil prices have a negative impact on many countries, the world’s oil producers won’t cut production. After years of buoyant commodity prices, Russia is now coping with a rapid slide in the price of oil, its key export. Volatility in the oil market is having an adverse impact on the Russian economy, as it causes sharp swings in the ruble rate, which, in turn, dents investment activity and consumer demand. Presidential aide Andrey Belousov said earlier on Friday, he hopes oil prices […]