The price of Brent oil has fallen below $30

The price of Brent oil has fallen below $30

Moscow. January 15. Brent oil continues to fall on Friday, with the decline since the beginning of the year was reached during the session 20%, reports Bloomberg.

The price of March futures for Brent crude on London’s ICE Futures exchange by 12:00 Moscow time has decreased on 3,4% – to $29,85 per barrel.

During the session the price dropped to $29,64 per barrel. Thus, from the beginning of the year, stocks fell 20%, indicating a bearish trend in the market.

Futures price for WTI crude oil for February in trading on the new York Mercantile exchange (NYMEX) dropped by this time by 4.8% to us $29,7 per barrel.

Analysts explain falling of quotations of oil on Friday with expectations of an early lifting of sanctions with Iran, which has repeatedly stated its commitment to increasing the supply of fuel to the world market. This may aggravate the current situation, characterized by excess supply.

The Federal budget of Russia for 2016 laid out, based on the average oil prices at $50 a barrel. The Central Bank expected the Russian economy in 2016 in the base case oil price of $50 per barrel will continue to decline by 0.5-1%, the forecast of economic development and Finance – an increase of 0.7%.

A conservative forecast of Ministry of economic development, calculated at $40 per barrel, implies a decline of GDP by 1%. Risk scenario the Central Bank, calculated at $35 per barrel, in 2016 implies a drop in GDP of 2-3%.

Vnesheconombank, headed by its chief economist Andrew Clapham at the end of December produced three scenarios for 2016 – at $50, $40 and $30 per barrel. And if $50 VEB expects a growth of symbolic 0.5% in 2016, when $40 predicts a decline of 0.5%, and at $30 – a drop of 1.9%.