The fall in oil prices has slowed in the evening on Monday


Moscow. December 14. Oil prices in the evening slowed down, as investors considered the collapse of daily excessive, Bloomberg reported.

Quote of the January futures for Brent crude on London’s ICE Futures exchange to 18:15 MSK fell to $0.88 / l (2,32%) – to $37,05 per barrel. Bidding on this contract end on Wednesday, December 16.

Futures price for WTI crude oil for January on the new York Mercantile exchange (NYMEX) decreased by this time $0,32 (0,90%) to $35,30 per barrel.

Earlier during Monday’s session the nearest contract for Brent fell below $37 a barrel for the first time since the end of 2008, WTI – below $35 per barrel, to its lowest level since 19 February 2009

Iran has confirmed the intention to increase oil exports that heightened concerns about the overproduction of fuel. “There is absolutely no chance” that Iran will delay the implementation of the plan of increasing oil exports, even in the face of falling energy prices, said Deputy Minister of oil industry of the country for international and commercial Affairs Amir Hossein Zamaninia.

In addition, investors are alarmed at the prospects of a further weakening in oil demand in China: in November, China reduced the consumption by 1.1% in annual terms, up to 10,19 million barrels per day.

Last week, the WTI price collapsed almost 11%, Brent – 11.8%, showing maximum fall in the current year.

The Finance Ministry earlier reported that if the current oil prices (around $40 per barrel Brent) the Russian budget will be short next year about 1.5 trillion rubles, compared with the baseline scenario at $50 per barrel.

Finance Minister Anton Siluanov said that if oil prices at $40 the government will have to take measures to mobilize revenue, to apply a more conservative approach to spending and measures to stimulate economic growth, to carry out assigned task and the President to keep the deficit within 3% of GDP.

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.