Oil price down cycle 'nearing end': Saudi minister

[WorldNews]

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Saudi Oil Minister Khalid al-Falih said on Sunday that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014. "The current down cycle is nearing an end," Falih told a joint press conference with his Russian counterpart Alexander Novak on Sunday after a Gulf ministerial meeting in Riyadh.

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