Brent crude which is used as an International bench mark fell as low as $29.96 but later went up to $30:22. In the past 15 months, prices of oil fell by 70%. The Russian Prime Minister, Dmitry Medvedev, has earlier warned the citizens that he might need to revise the 2016 budget due to oil price fall and they should all get ready for a worse case scenario should the price continue to fall. This is because Russian government gets half of its revenue from oil and gas taxes.
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