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 Oil Prices Hit Four-Year Bottom Twice Today Falling to $86.27 per Barrel

Oil prices continue to decrease.

Brent oil futures fell by 2.95% to $86.27 per barrel, Censor.NET reports citing European Pravda.

That resulted from the OPEC statement that the organization will not cut oil production in the prospect of reducing demand, which is caused by the growth in shale gas production in the United States.

Read also: Oil Drops to $88. OPEC Does Not Plan to Cut Production

The price of Brent declined by almost 20% since the beginning of the year. Its value reached four-year bottom of $87 per barrel on Oct. 13.

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According to the agency, this year oil demand will grow at the slowest pace since 2009.

Read also: If Oil Prices Stay Low Russian Budget Will Have 500 Billion Gap

Earlier, Russian Federation Minister of Finance Anton Siluanov said that Russia's budget would require 500 billion rubles ($ 12.5 billion. - Ed.) from the Reserve Fund in case of further fall of oil prices.

 
 
 
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