The price of a barrel of Brent North Sea oil for the first time since July 2009 has fallen below $ 63. Analysts called the drop in oil prices one of the main reasons for the decline of the ruble.
During today's trading on the ICE Futures Exchange, Brent futures price for delivery in January 2015 fell to $ 62.93 per barrel, which is 1% lower than yesterday's auction and the lowest level since July 17, 2009. The cost of January futures WTI crude oil fell to $ 58.86 barrel today.
On Friday, the OPEC oil basket price fell another 1.4% and for the first time in more than five years it dropped to the level of $ 60 per barrel.
During today's trading on the Moscow Exchange the value of the dollar and the euro set a new historical record. The euro rose to 71.35 rubles, while the dollar rose to 58 rubles. -02D-
Economics
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The Azerbaijan-Pakistan Business Forum, held in Baku, showcased the growing economic ties between the two nations, as officials and business leaders discussed enhancing cooperation across key sectors. Ambassador of Pakistan to Azerbaijan, Gasim Mohiuddin, emphasized the long-standing, fraternal relations between the countries, underscoring a shared vision of progress and prosperity.
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Azerbaijan and Brazil have signed a Memorandum of Understanding (MoU) in the agricultural sector, aimed at stimulating the growth of investments and mutual trade, announced Azerbaijan’s Minister of Agriculture Majnun Mammadov on social networks.
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The Asian Development Bank (ADB) has approved a loan of USD 131.5 million to enhance a crucial segment of the North–South Corridor in Azerbaijan, aiming to bolster regional connectivity and strengthen Azerbaijan’s strategic position as a key transport hub between Europe and Asia. The total cost of the project is estimated at USD 160.5 million, with the Government of Azerbaijan contributing USD 29 million.
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The IV meeting of the heads of Energy Ministers from member states and observers of the Organization of Turkic States (OTS) concluded today with the signing of a joint communique aimed at bolstering cooperation in the energy sector. The agreement emphasizes key initiatives including the formation of an OTS Energy Coordinating Committee to streamline regional efforts on energy security and sustainable development.
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