Brent oil prices fell on Wednesday, dropping below $30 a barrel to touch $29.96 for the first time since April 2, 2004.
Oil price fell below $30 a barrel on international market for the first time since 2004. The $30 mark is both a psychological and financial threshold. Brent crude, used as an international benchmark, fell as low as $29.96, but bounced back to trade at $30.22
Russia's most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year.
Oil & Natural Gas Corp or ONGC said it would be spending about $9 billion in the next ten years to produce oil found in new blocks in the east coast of India.
Russia's top crude producer Rosneft has hopes that it would be earning RUB439 million or USD13.8 billion after its acquisition of Moscow-based oil company TNK-BP.