As of 7:15 a.m. Kyiv time a barrel of Brent crude oil costs around $55.5. A few hours ago the indicator updated a six-year low, when the price dropped to $55.36 cents.
Last time the oil prices were so low in May 2009.
The analysts say the reason for this phenomenon is substantial excess of the "black gold" reserves with the weakening demand for the product. Additional negative impact is a November decision by the Organization of Petroleum Exporting Countries not to reduce the volume of production.
The decrease in oil prices has negative effect on the economy of countries heavily dependent on energy exports, particularly Russia.