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 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. Novak said oil prices had averaged around $70 per barrel this year. “The market is quite volatile today. We remember that the oil price was sharply rising in the same way, now it is going down. We […]