Brent oil oil dropped below $ 60 for the first time since October last year

The price of Brent oil futures with the supply in January 2019 on the ICE exchange fell below $ 60 per barrel. The fall per day was about 5% (minus almost $ 3), RBC reports .

According to the data at 16:45 Moscow time, Brent barrels cost $ 59.64. The last time Brent was traded at the level below $ 60 at the end of October 2017.

The day before, US President Donald Trump said that he was pleased with a decrease in oil prices. He thanked Saudi Arabia for the collapse of prices and urged to continue the decline.

The fall of oil was facilitated by fears of the slowdown of world demand due to trade contradictions in the United States and China, which could lead to a significant slowdown in the world economy.

Last week, world oil prices fell by 7% - to a minimum since March 2018, Brent quotes have been going down almost continuously from the beginning of October.

Rusenergy partner Mikhail Krutikhin explained to The Insider what was happening with the price and why all the attempts of manufacturers to keep it from the fall failed.

In turn, the head of the Department of the Institute of World Economy and International Relations of the Russian Academy of Sciences Yakov Mirkin told The Insider about whether the oil prices will be pulled by the Russian currency.