The price of oil is back above $38 per barrel

The price of oil is back above $38 per barrel

LONDON, December 15. The price for oil grade Brent on London exchange ICE rose above $38 per barrel.

As of 11:40 GMT, the January futures contract rose 0.26 percent to $38,02 per barrel.

Yesterday the price of Brent dropped 4% to $36.4 per barrel climbing above $37 per barrel for the first time since December 2008.

On oil prices continues to pressure the OPEC decision on quotas on oil production. So, at the end of 168-th meeting in Vienna on 4 December, the Ministers of oil of the OPEC has not taken a clear decision on production quotas because of the position of countries that are not members of the organization. Currently the volume of oil production by OPEC members is estimated to be 31-32 million barrels/day. The previous quota was 30 million barrels/day.

As noted the RF presidential aide Andrei Belousov, fluctuations in oil prices below $40 a barrel can last a long time. “I think there is every reason to think it could last a long time”, – he said. However, he did not specify, how long can this trend.


Prices for Brent crude and the dollar

Prices for Brent crude and the dollar. Infographics