The price of Russian oil fell below $ 40 a barrel.

The price of Russian Urals brand oil fell below $ 40 a barrel, said the site newspaper Vedomosti. " By 13:00 Moscow time value of Russian oil fell to 39.65 dollars per barrel. The market FORTS RTA on the exchange value of Urals to 14:51 Moscow time amounted to 41.16 dollars per barrel, while the minimum value during the trading session at 40.07 dollars.
December 5, President of Russia Dmitry Medvedev signed a law that would change the calculation of the rates of customs duties on exports of crude oil. The document envisages a reduction of up to one month monitoring period, the price of oil, which is used to determine export customs duties. As of December 1, 2008 rate of export duty on Russian oil stood at 192.1 dollars per tonne.
3 Dec., 2008 Central supervisory control of fuel and energy complex of Russia reported that in November 2008, Russian oil exports fell by 17.6 per cent against the same period last year. This has become a global financial crisis, low oil prices and high export taxes, which made exports unprofitable for oil companies.
World oil prices since the beginning of 2008 almost continuously grown and reached a record high of 147 dollars per barrel by mid-July. Since then, oil continuously deshevela and the beginning of December fell to 50 dollars per barrel. December 5, the market value of NYMEX crude oil stood at 42.01 dollars per barrel.