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.
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