Brent drops below $80

Brent crude fell below $80 a barrel.

As of 22:59 Minsk time, Brent price dropped to $79.95 a barrel and remained at that level for about an hour, Dozhd TV reports.

The price rose later on November 12. As of 23:42, Brent was traded at $80.745 a barrel.

Oil price is falling because OPEC members do not plan to cut oil production until the price plunges to $70 a barrel, according to Bloomberg. The decision was announced in early November, but the Wall Street Journal leanrt from a source in OPEC that the organisation doesn't expect oil to cost less than $75 a barrel by the end of 2014.

Russia's Central Bank published a forecast on November 11, according to which oil will cost $95 in 2015 and will fall to $92 by 2017. In this case, Russia will have zero economic growth and consumer prices will grow 6.2-6.4%.