Russia’s failed talks in Vienna cause new drop of oil prices

The fruitless discussions of oil prices by Russia, Saudi Arabia, Venezuela and Mexico in Vienna yesterday ended without any common grounds on reduction of oil extraction. The price for Brent dropped to $78.4 per barrel, WTI to $74.07 per barrel, RIA Novosti reports.The price for WTI went below its lowest in September 2010 ($74.09 per barrel).The four countries agreed to meet again in three months. Rosneft Head Igor Sechin said that even $60 per barrel would not stop oil extraction in Russia.

The fruitless discussions of oil prices by Russia, Saudi Arabia, Venezuela and Mexico in Vienna yesterday ended without any common grounds on reduction of oil extraction. The price for Brent dropped to $78.4 per barrel, WTI to $74.07 per barrel, RIA Novosti reports.

The price for WTI went below its lowest in September 2010 ($74.09 per barrel).

The four countries agreed to meet again in three months. Rosneft Head Igor Sechin said that even $60 per barrel would not stop oil extraction in Russia.