Oil drops below $30 US oil prices fell below $30 for the first time since 2003, extending a hefty new year sell-off as BP axed 4,000 jobs and Brazil’s Petrobras cut its five-year investment plan by $32bn.

Russia to cut expenditure Moscow is cutting budget expenditure 10 per cent as it scrambles to cope with lower revenues following the latest drop in oil prices. Ministries and other government departments have been given until Friday to formulate plans for cuts of more than $9bn.

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