Average Urals blend oil price hits $109 per barrel in Jan.-July

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MOSCOW, August 25 (RIA Novosti) - The average world price for Russia's principal export oil blend rose $47.26 per barrel, year-on-year, in the first seven months of 2008 to $109.10 per barrel, Russia's Finance Ministry said Monday.

"The average price of Urals blend stood at $129.71 per barrel in July compared with $74.24 per barrel in July 2007," said Alexander Sakovich, deputy head of the ministry's tax and customs policy department.

He said that in August, for the first time in more than a year and a half, prices began to fall, adding that he could not predict how prices would behave in the future.

The Russian government adjusts export duty on crude and petroleum products every two months, reflecting Urals price dynamics in world markets.

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