MOSCOW (Sputnik) — The current increase in oil prices is likely of a speculative nature while the stable oil price range in the next two years could be between $45 and $50 per barrel, the Russian Ministry of Economic Development said Tuesday.
Global oil prices have shown growth of over 20 percent in the past three weeks.
"This growth has a mostly speculative nature…while the fundamental parameters of the oil market are changing in accordance with basic forecasts. The surplus of offer [on oil markets] is gradually declining, but this process will continue at least until next year," the ministry's press service told RIA Novosti.
"We believe that $45-50 per barrel is a stable range for the next year or two," the ministry said.
