The price of Brent crude reached the lowest level since April 2004. Analysts connect falling of the prices with the situation in the Chinese market and a sharp weakening of the yuan and rising oil stocks in the United States.
MOSCOW, 7 Jan. Futures price for Brent crude continues to fall, losing more than 4% and dropping below 33 dollars a barrel, reports Reuters.
According to the Agency, this low rate was achieved for the first time since April 2004.
It is noted that the falling prices due to the situation on the Chinese market and rising oil stocks in the USA.
Earlier it was reported that China on Thursday downgraded 0.51% the value of the Renminbi to the dollar, which was the lowest level since August. On Thursday, the dollar was 6,5646 yuan — the lowest since August 2015, when the Bank of China has sharply weakened its currency to the U.S. dollar.
What will happen to oil prices in 2016?
- Will collapse to $ 20 per barrel
- Will remain at around 30-35 dollars
- Edge up to 45-50 dollars
- Soar to 90-100 dollars
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