Russia's Novak: US oil production set to peak out in few years

Russian Energy Minister Alexander Novak crossed the wires in the last minutes, arguing that the oil production in the United States is unlikely to grow at the same pace as in previous years at current price levels. "The slow-down of oil production in the US is a trend," Novak added and noted that the US oil output was set to peak out in a few years.

Crude oil prices seem to be reacting positively to these comments. As of writing, the barrel of West Texas Intermediate was trading at $53.80, adding 0.65% on a daily basis.