Brent Crude Price Dropped Below $62 Per Barrel

The price of a barrel of Brent North Sea oil fell below $62 Friday evening. A barrel of Brent crude trading was $61.97on the ICE Futures Exchange.

Censor.NET reports citing RBK.

Read also: Putin's Economic Recipe Reveals Panic in Kremlin - Bloomberg

Brent futures price for delivery in January 2015 fell to $ 62 per barrel during today's trading on the ICE Futures Exchange. The minimum value of this brand of oil as of 06:05 p.m. dropped to $61.98. The price soared a few minutes later and a barrel of Brent crude was traded at $62.08 as of 06: 20 p.m. The oil prices dropped by more than $1.5 compared with the beginning of trading on Friday. A barrel of oil was traded at $63.28 at the opening.

Read also: Sanctions Strike Double Blow to Russian Economy - U.S. Treasury

The January Brent futures dropped below $63 today for the first time since July 2009. WTI crude oil January futures fell to $58.86 per barrel today.

The Russian currency also continues to weaken following the oil price fall. The official dollar exchange rate set by the Central Bank is 56.8919 rubles from December 13, 2014, which is 2.09 rubles higher than the previous record. The official rate of the euro against the ruble also rose by more than 2 rubles. The Central Bank set the euro at the level of 70.5289 rubles on December 13, 2014, which is 2.23 rubles higher than the previous historic high.

Read also: Russia's International Reserves Reduced by $4.3 Billion this Week

Earlier, Deputy Chairman of Vnesheconombank and former Economic Development Minister Deputy Andrei Klepach said that the exchange rate to the dollar will be stabilized after oil prices exceed the level of $70 per barrel.

Источник: https://censor.net.ua/en/n316133