Baku 13° C
Oil drops after reaching 7-year record
Energy
- 20 January, 2022
- 05:41
Oil prices slipped back on Thursday after hitting their highest levels since 2014 in the previous session.
Brent's March futures dropped 0.1%, to $88.35 a barrel on Thursday morning. The global benchmark touched $89 a barrel in the last session, its highest since October 2014.
US West Texas Intermediate (WTI) crude futures gave up 0.02%, to stand at $85.79 a barrel.
Analysts expect the oil market to remain strained amid improving prospects for oil demand and limited supply in the foreseeable future.
Investors are assessing data from the American Petroleum Institute (API) regarding an increase of 1.4 million barrels in US oil inventories for the week ended January 14, against the expected decline of almost 1.4 million.
Author
Latest News
22:15
Paid services in Azerbaijan rise nearly 9%
Business21:44
Azerbaijan's public catering turnover up nearly 4%
Finance21:21
Consumer market in Azerbaijan expands by nearly 5%
Business21:04
Putin: Theaters in Baku and Derbent are bridges between cultures
Region20:52
UK allocates over €115 million for Ukrainian air defense
Other countries20:44
Iran's MFA: Six Iranian diplomats killed in Israeli attack on Lebanon
Region20:33
Azerbaijan bolsters role as regional aviation hub with National Airspace Strategy
Infrastructure20:21
Defense Ministry: UAE air defenses intercept 6 ballistic missiles
Other countries20:12