Azeri Light oil price tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased $ 2.26 (-5.4%), settling at $39.26 per barrel, Report informs.

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.

Crude-oil futures plummeted further below the key $40 support level on Wednesday as surging coronavirus cases, and rising stockpiles drove fresh concern about prolonged market weakness.

Contracts for West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel, the lowest level since early October. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.

Resurgences in coronavirus cases have intensified concerns about whether oil demand can return to pre-pandemic levels. Prices first plummeted in March as initial outbreaks curbed travel activity and prompted widespread lockdowns.

Another wave of cases risks a similar decline in demand as oil hovers at about $40 per barrel. Europe is already taking action to curb the virus' spread, with Germany and France reportedly set to impose new lockdown measures.