Brent oil trades below $65

Brent oil trades below $65

January 2019 futures for Brent crude oil were trading below $65 per barrel for the first time since March 16, according to the London-based ICE stock exchange data.

The trading began at $69 per barrel and the price lost 7.30% throughout the day, eventually sliding to $64.98.

Against this background, the dollar rose by 0.39% against the ruble, to 68.11 rubles at the Moscow exchange as of 23:49 Moscow time. The euro rose by 0.91% to 76.9 rubles, TASS reported.

OPEC revised downward the forecast on oil production growth in 2018 by 40,000 barrels per day to 1.5 mln barrels per day and by 70,000 barrels to 1.29 mln barrels a day in 2019. Global demand is expected to be at the level of 98.79 mln barrels per day in 2018. The demand is expected to decline in the Middle East and China.