Saudi Arabia's Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer
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Saudi Oil Minister Khalid al-Falih said 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 .OPEC has invited Russia and key nonmembers to a meeting later this month as the cartel and Moscow seek to tighten cooperation to boost historically low crude prices.The invitation was announced after a meeting between top OPEC energy ministers and Novak in Istanbul, aimed at advancing joint efforts to bolster oil prices whose lows have hurt the highly dependent economies of crude producers.
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