Oil prices rise on comments by Russian Energy Minister Alexander Novak

Oil prices increased on comments by Russian Energy Minister Alexander Novak. He said on Saturday that Russia is ready to talks with the Organization of Petroleum-Exporting Countries (OPEC) to discuss oil prices. Novak added that Russia and Saudi Arabia planned a meeting for the end of the month.

Russian Finance Minister Anton Siluanov said on Friday that oil prices will not recover as fast as after the financial crisis in 2008-2009. He pointed that the ministry expect the oil price to be at $50 per barrel in 2016 and $52 per barrel in 2017.

A decline in U.S. oil rigs also supported oil prices. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 26 rigs to 614 last week. It was the fifth consecutive decrease and the biggest weekly fall since the week ending April 24, 2015.

Combined oil and gas rigs fell by 29 to 809.

Oil prices were also supported by concerns over the escalation of the conflict in Syria. Russia started air strikes against Islamic State targets in Syria on last Wednesday.

WTI crude oil for November delivery rose to $46.55 a barrel on the New York Mercantile Exchange.

Brent crude oil for November climbed to $49.70 a barrel on ICE Futures Europe.