Oil = $35

From Calculated Risk: Oil Prices: Cliff Diving
Crude-oil futures fell for a third session Wednesday, tumbling 9.3% to close at $35.35 a barrel as government data showed inventories at a key delivery point hit a record.

Crude inventories at Cushing, Okla., the delivery point for crude futures contracts traded on the New York Mercantile Exchange, reached 28.7 million barrels in the week ended Dec. 19. It was the highest since at least April 2004, when the government started collecting Cushing data.

The low oil price definitely effected Gulf countries and Russia's economy.