Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased $ 0.93 (2.19%), settling at $ 41.53 per barrel, Report says.
The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and in July 2008, the all-time high was $ 149.66.
Oil was headed for a third weekly decline in four — while managing to hold above $40 a barrel — amid signs fresh supply might be hitting the market as the demand outlook worsens.
In New York, November futures were steady Friday and are down around 3% this week as the re-imposition of lockdown measures in countries including France and the U.K. casts doubt on the energy demand recovery. Oil traders, meanwhile, are reporting a sharp increase in Iraqi export cargoes for next month, and say they probably indicate a higher overall output from the OPEC’s biggest producer after Saudi Arabia.
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