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 Brent crude prices drop to $55.5 a barrel

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A significant decrease of oil prices continues in the world market, reaching the lows of May 2009.

It is reported by Censor.NET citing Radio Svoboda.

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.

Read also: Ministry of Finance of the Russian Federation expects decline in budget revenues to 2.6 trillion rubles in 2015: Reserve Fund facilities may be insufficient

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.

 
 
 
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