Azeri Light crude sinks below $ 41

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 0.67 (-1.57%), settling at $ 41.90 per barrel, Report says.

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

Oil prices slid on Friday, dragged down by concerns that a spike in Covid-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel-consuming regions, while a stronger U.S. dollar also added to the pressure.

Brent crude futures for December dropped 44 cents, or 1.0%, to $42.72 a barrel by 0437 GMT, while U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 40 cents, or 1.0%, to $40.56 a barrel.

Both benchmarks fell slightly the previous day and are on track to remain little changed for the week.

“Worries over weakening fuel demand in Europe due to a resurgence in COVID-19 cases and a higher U.S. dollar against the euro weighed on investor sentiment,” said Kazuhiko Saito, chief analyst at Fujitomi Co.