Brent falls to lowest in last 4 years

Brent crude fell to the lowest level since December 2010.

The news was reported by Bloomberg agency on Tuesday, October 14.

It has happened after the International Energy Agency published the oil demand forecast. Brent futures for November slipped to $86.17 a barrel on the London-based ICE Futures Europe exchange, Dozhd TV channel reports.

The day before, October 13, November futures dropped $1.23, to $88.98 a barrel.

The contracts fell by $3.21 over the session. $87 a barrel was the lowest price in the last four years.

First time Brent futures slipped lower than $90 on October 10.

On October 4 Russia’s Finance Minister Anton Siluanov warned that in case oil price decrease, budget expenditures are to be reduced.