Azerbaijani oil price goes up

The price of Azerbaijan's Azeri LT CIF crude oil traded in the financial markets has gone up by $0.23 or 0.6%, settling at $41.76 per barrel, Report informs.

Notably, the record low of Azeri LT CIF was registered in December 2001 ($19.15), and the all-time high was recorded in July 2008 ($149.66).

Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally, and oil supply is set to rise in the coming weeks.

Brent crude futures settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures lost 6 cents to $40.25 a barrel.

Brent dropped 2.9% for the week, and WTI sunk 2.1%

"There is this second wave of fear overhanging the oil market at this point, and that's holding us back," said Phil Flynn, senior analyst at Price Futures Group in Chicago.