Oil prices fell below $ 50 per barrel

Oil prices for reference brands continue to fall. According to Vedomosti, on Wednesday, February futures on the Brent variety fell below the psychologically important mark of $ 50 per barrel. WTI oil at the same time fell to $ 47 per barrel.

At the auction on the eve of the quotes of oil prices, 4 percent dropped, reaching the minimum values ​​since the spring of 2009.

The reason for the fall in prices was an excess of supply in the market with a constant reduction in demand for demand. Active production in the United States led to the saturation of the oil market. In addition, Iraq announced the intention to increase oil exports in 2015. In Russia, oil production in 2014 also became record for the entire post -Soviet period. An additional factor in price reduction was concerns of slowing down the rate of economic growth in Europe. As a result, oil consumption will be lower than expected volumes, RBC notes.

The cheapest oil the day before had a sharply negative impact on the course of the Russian ruble. During trading on Tuesday, the dollar rate increased by 4 rubles, reaching 64 rubles. The euro reached 76 rubles.