Brent oil price continued to decline and reached the lowest level in 5 years. Among the reasons for the last fall in prices should mention statistics on the reduction of Japan's GDP in the 3rd quarter by 0.5%, which is 0.1% less than the previous estimate. At the same time, China has reduced imports by 6.7% against an expected decline of 3.5%. China is the world's second largest oil consumer after the United States. The catalyst for the fall was the today’s news about the decline in oil prices from the Iraqi supplier who repeated the steps of Saudi Arabia. We see that on the background of the imbalance of supply and demand countries are fighting for market share. Our medium-term outlook for oil remains negative and we do not exclude a significant drop in the coming months.