The price of oil could fall to $80-$90 per barrel by the end of 2012, Deputy Economic Development Minister Andrey Klepach told reporters today.

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Crude oil futures extended sharp gains on Monday, jumping to a three-week high amid optimism that euro zone policy makers will unveil fresh measures to tackle the region’s ongoing debt crisis, boosting the appeal of riskier assets.

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Brent crude oil futures ended slightly higher on Friday, lifted by better-than-expected jobs data in the United States, which eased recession fears.

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Oil prices rallied early this week with US crude topping US$84 per barrel on Wednesday, driven by optimism that EU policymakers will soon agree on a plan to tackle Europe’s debt problems.

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Oil output in Russia, the world’s top crude producer, hit a new post-Soviet high of 10.3 million barrels per day (bpd) in September on the back of cuts in oil export duty, Energy Ministry said on Sunday.

Oil prices rallied this afternoon after the German parliament approved a bill to extend the European bailout fund, while today’s US data beat expectations, calming fears that the US economy is headed for a double-dip recession, which would reduce energy demand and sampan oil price.

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jumped back to negative territory Wednesday as fund managers reshuffle their positions ahead of the end of the third quarter, and the expectation is they could lurch even lower once the fourth quarter begins.

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The looming recession that is expected to hit most advanced economies including US, Japan and the Eurozone could push oil prices below $100.

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French oil giant Total announced Friday it had restarted production from an offshore oil platform off Libya, making it the first major to return to work since the fall of Moamer Kadhafi.

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OIL futures dropped $US1 in choppy trading today, after the Federal Reserve announced plans to boost the listless US economy by purchasing longer-dated government debt.

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