Brent oil falls below $62 for first time in 4 years
Illustrative photo: Brent oil price hits lowest level in four years (Getty Images)
Brent crude oil prices have fallen below $62 per barrel for the first time in four years, according to the Financial Times.
Oil prices drop reason
According to Andrii Dligach, professor at Taras Shevchenko National University of Kyiv and head of Advanter Group, the decline in oil prices poses serious challenges for the Russian economy, which heavily depends on oil and gas revenues.
As of the morning of April 7, the global drop in oil prices led to a decrease in the price of Russia’s flagship oil grade, Urals, to $50 per barrel.
