Azeri Light oil price tumbles below $ 40

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased $ 0.59 (1.46%), settling at $ 39,91 per barrel, Report says.

The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and in July 2008, the maximum amount was $ 149.66.

Oil prices slipped on Tuesday as major oil producers' warnings reinforced worries over slow recovery in global fuel demand, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+ limited losses.

Brent crude was down 5 cents, or 0.1%, at $39.56 a barrel by 0407 GMT, while U.S. West Texas Intermediate crude futures were down 3 cents, or 0.1%, at $37.23 a barrel.

Both contracts ended slightly lower the previous day.

"Sentiment in oil markets remained gloomy due to bleak demand outlook by oil producers and as a resurgence in Covid-19 cases in many countries fueled concerns over a slower pick-up in global fuel demand," said Chiyoki Chen, chief analyst at Sunward Trading.

"Brent and WTI are likely to stay between $35 and $40 a barrel until U.S. demand for heating oil starts picking up as the peak driving season has ended," he said.