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Brent crude oil price falls below $39 first time in 7 years

December 11, 2015, 14:59 UTC+3 LONDON
The ruble declines against the background of falling oil prices
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© Egor Aleev/TASS

LONDON, December 11. /TASS/. The cost of the futures contracts for January 2016 delivery of Brent crude oil on London's ICE trading decreased by 2.06% to $38.92 per barrel, breaking the mark of $39 per barrel for the first time since December 2008

The decline of Brent crude oil price accelerated after the OPEC meeting on December 4. At the end of the 168th meeting in Vienna, OPEC oil ministers have not taken a clear decision on production quotas because of the position of countries that are not members of the organization. Currently, the volume of oil production by OPEC members is estimated at 31-32 mln barrels per day. Previous quota stood at 30 mln barrels per day.

The ruble declines against the background of falling oil prices. Thus, the dollar rose to the level of 69.96 rubles, increasing by 81 kopecks. The decision of the Russian Central Bank on maintaining the key rate at the level of 11% holds back the accelerated fall of the ruble. At the same time, according to the regulator, annual inflation in 2016 and 2017 will be held down by weak consumer demand and moderately tough monetary environment. Russia’s financial regulator projects annual inflation rate to stand at around 6% in end-2016 and reach the target of 4% in 2017.

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