Oil prices keep falling, lead Colombia to delay spending

Oil prices keep falling, lead Colombia to delay spending


U.S. government commented yesterday on the sharp fall in oil revenue which forced Colombia to delay $2.44 billion in spending. Accordingly, the government released a statement to confirm that the the cabinet approved which  consist of of 4.8 trillion pesos ($1.95 billion) in investments and 1.2 trillion ($488 million) in administrative costs and it added the move takes into account “new macroeconomic and fiscal conditions, associated primarily with the fall in international oil prices.”

The government will now invest a total of 44.7 trillion pesos ($18 billion) in 2015, Congress also approved a 216 trillion peso ($88 billion) national budget for 2015 last October.

Crude oil prices fall Friday and caused worries among traders who are looking for a production slowdown that might boost oil prices after a report shows a decline in drilling units at U.S. market.

U.S. benchmark West Texas Intermediate crude dropped 82 cents Friday to $50.34 a barrel in New York Mercantile Exchange trading, down about $3 for the week.
Brent crude, the international benchmark crude, edged up 11 cents to $60.32 in European trading Friday, but was down about $2 on the week.

last week, Oil prices fall sharply after big rise in US oil inventories and rising output from Saudi Arabia.
Brent crude price falls $2 per barrel to reach to $58.53 on Thursday, after hitting a two-month high of $63 a barrel on Tuesday, this tumble drove the Russian rouble lower because oil is one of the country’s main exports.