Oil prices drop to critical level

 

Prices for November futures for Brent oil dropped to $83.37 per barrel at 12.00pm. December futures for WTI oil dropped below $80. The prices have stabilized at $84 and $80 respectively. The oil price dropped by about 1%, comparable with the oil price in October-November 2010.Oil prices have been falling for three months. The price for Brent dropped has dropped by about 20% since June 2014, went below $90 last week.Sberbank Head German Gref believes that oil prices of $80-90 would not be too harmful for the Russian economy.

 

Prices for November futures for Brent oil dropped to $83.37 per barrel at 12.00pm. December futures for WTI oil dropped below $80. The prices have stabilized at $84 and $80 respectively. The oil price dropped by about 1%, comparable with the oil price in October-November 2010.

Oil prices have been falling for three months. The price for Brent dropped has dropped by about 20% since June 2014, went below $90 last week.

Sberbank Head German Gref believes that oil prices of $80-90 would not be too harmful for the Russian economy.