Price of Oil Falls below $ 70

Oil prices continued to fall - in trading on the London ICE Exchange futures price of Brent crude oil for delivery in January 2015 fell below the psychologically important level of $ 70 per barrel - to $ 69.81 per barrel. US WTI crude oil also continued to fall in price - it fell immediately by 10.35%

In trading on London ICE cost of a barrel of North Sea Brent crude oil fell to $ 69.81.

According to the results of the previous closing, the price of Brent crude oil was $ 72.58. Thus, the price per barrel fell by 2.56%.

 WTI (Light Sweet Crude Oil) also fell. The minimum price per barrel of WTI was 65.85 dollars (-10.35%).

Yesterday in Vienna 12 oil-exporting countries failed to agree on the reduction of the quota, leaving it unchanged at 30 million BD, which was established back in 2011. The main opponent of the decline, Saudi Arabia suggested to rely on the market and assured that it will come to the equilibrium price of the resource. After OPEC's decision oil prices fell by 7% - a record negative dynamics in one day this year. On Thursday evening, the contract price for the supply of Brent crude oil in January fell to $ 72 per barrel. US WTI crude oil cost became less than $ 69.

The securities of oilfield service companies also strongly reacted to yesterday's decision. Thus, the value of the shares of Schlumberger decreased 10% at the opening, Weatherford – 15%, Halliburton - 11%, and Baker Hughes - 10%. The Big Four of the global oilfield services fell by $ 20 billion in less than an hour of trading.  -02D-