Russian president calls oil price increase a tragedy

Russian president calls oil price increase a tragedy
# 28 May 2010 14:22 (UTC +04:00)
Baku – APA. Russian President Dmitry Medvedev called oil price increase in the world market as a serious obstacle on the way of modernization of the Russian economy.

“$US140 per barrel is a tragedy for Russia, because it eliminates all stimulations for the development”, said President Medvedev in his meeting with the representatives of the United Russia Party.

WTI June futures reached $US 70 per barrel. It fluctuates between $US70-85 in the world oil market in the past three months. Oil price increased to $US140 two years ago.
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