WTI crude oil below $28 per barrel

World oil prices are continuing to decline against a background of a global oversupply of raw materials on the market.

For the first time since September 2003 Brent crude oil fell to $27.98 a barrel (5.38%).

The price of March futures for North Sea Brent crude dropped to $27.52 per barrel (4.33%) as of 07.53 PM MSK, RIA Novosti reported.