Brent fell below $38,7

Moscow. December 11. Oil prices that fell this week at the fastest rate since March – more than 8%, – increased the drop in the second half of the day on Friday. Investors fear that the actual refusal of the Organization of countries-exporters of oil (OPEC) from realistic production quotas will lead to the preservation of overproduction on the world level, reports Bloomberg.

The cost of the January futures for Brent crude on London’s ICE Futures exchange by 17:50 Moscow time fell by 2.8% to us $38,64 per barrel.

Futures price for WTI crude oil for January on the new York Mercantile exchange (NYMEX) decreased by this time $0,63 (1,71%) to $36,13 per barrel.

Quotes of Brent and WTI fell in the course of trading on 11 December to the lowest level since the end of 2008.

According to the published Friday the forecast of the International energy Agency (IEA), the glut of oil in the world will continue until at least the end of 2016, with demand growth slowing, OPEC intends to maximize the production.

More than half (17 of 30) surveyed by Bloomberg analysts and traders expect a further decline in oil prices next week. Five counting on the return of growth, the rest give a neutral.

The CBR recognizes that the dynamics of oil prices makes it more urgent risk scenario for the next three years, however, is not going to adjust their estimates.

“In our baseline scenario we expect oil prices in the coming three years will be close to $50. We continue to consider an optimistic scenario with more rapid recovery in oil prices. Such restoration consistent with the forecasts of many international organizations, analysts and participants of the oil market”, – said the Chairman of the Central Bank Elvira Nabiullina at a press conference on Friday.

She recalled that the CBR considers the risk scenario with the oil price below $40. “The recent trend in oil prices suggests that the relevance of this scenario has increased”, she said.