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Brent crude oil price falls below $29 per barrel

January 15, 20:41 UTC+3
The Russian federal budget for 2016 is based oil prices of $50 per barrel
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© ITAR-TASS/Alexey Filippov

LONDON, January 15. /TASS/. The price of the futures contract for Brent crude oil March delivery declined by 7.18% to $28.81 per barrel on the Intercontinental Exchange (ICE) in the course of the trading on Friday.

The price of WTI oil is trading at $29.2 per barrel.

At the same time, the dollar on the Moscow Exchange grew by 2.3% to 77.8 rubles, the euro rose by 3.2% to 85.3 rubles.

The Russian federal budget for 2016 is based oil prices of $50 per barrel. The Finance Ministry proposed to adjust the budget at the rate of $40 per barrel. Ministries and departments need to present their proposals on a 10% reduction of their spending to the Finance Ministry before mid-January. The adjusted budjet will be presented at the end of Q1 2016.

Earlier on Friday, the price of the futures contract for Brent crude oil February delivery declined by 3% to $29.8 per barrel on the London Stock Exchange (ICE).

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