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Brent crude oil price down below $40 per barrel mark first since Feb 2009

December 08, 2015, 16:56 UTC+3
In connection with this the euro rate climbs to 76.14 rubles during the trading session on the Moscow Exchange for the first time since September 15
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© Maxim Slutskiy/TASS

MOSCOW, December 8. /TASS/. The cost of the futures contracts of Brent crude oil for January 2016 delivery on London's ICE trading went down by 2% to $39.99 per barrel as it breached the psychologically important mark of $40 per barrel for the first time since February 2009.

On Monday Brent crude oil extended slide by 5.6% dragging Russian stocks down after the decision was made by the Organization of the Petroleum Exporting Countries (OPEC) not to cut its production cap. According to an analyst at BCS Express brokerage Ivan Kopeikin, "market participants were disappointed by lack of any initiatives by the OPEC to restrain long-standing decrease of oil futures."

On December 4, oil ministers of the cartel made a decision to raise oil production quota by 1.5 mln barrels to 31.5 mln barrel per day.

OPEC ministers recognized that they will not follow established quotas and intend to keep the actual production level at the meeting in Vienna on December 4.

The euro rate climbs to 76.14 rubles during the trading session on the Moscow Exchange for the first time since September 15.

The dollar rate approached the 70 rubles mark and is currently traded at 69.87 rubles a dollar.

 

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