Oil prices briefly dip below $30 a barrel

Oil prices have briefly dipped below $30 a barrel for the first time in 12 years. Brent crude fell to $29.96 on the international markets, but bounced back to trade at $30.22. Oil prices have fallen by 70% in the past 15 months- in the summer of 2014 it cost $115 a barrel. Consumers will enjoy cheaper prices for fuel, but countries dependent on oil revenues will have to tighten their budgets. Russia’s Prime Minister Dmitry Medvedev is already warning he may have to revise his country’s 2016 budget.