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Brent crude plunges to new five-year low

December 10, 2014, 19:11 UTC+3 LONDON
According to the ICE market data, brent crude fell below the psychologically important level of $65, its lowest since 2009
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© EPA/WU HONG

LONDON, December 10. /TASS/. Brent crude briefly fell to $64.98 per barrel, below the psychologically important level of $65, its lowest since 2009, the ICE market data suggested on Wednesday.

However, Brent quickly recovered 10 minutes later, rising to $65.16 per barrel at 3:20 GMT.

Oil prices extended losses after the Organization of the Petroleum Exporting Countries (OPEC) said in its latest report that global demand for oil produced by OPEC member states will hit its 12-year low in 2015.

According to the report, the demand for oil produced by the OPEC member states will fall by 300,000 barrels per day to 28.92 million barrels per day in 2015 against 29.4 million barrels per day in 2014.

The ruble fell further on the Moscow Exchange on Wednesday amid declining world oil prices.

As of 6:34 p.m. Moscow time (3:34 GMT), the dollar rose by 67 kopecks to 54.72 rubles and the euro climbed by 1.18 rubles to a new record high of 68.05.

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