Azeri Light oil price tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased $ 0.01 (-0.02%), settling at $42.44 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.

Oil edged lower on Monday, weighed by concerns over surging coronavirus cases globally and Libya’s plan to boost output, but hopes for a U.S. fiscal package lent some support.

Analysts also focused on an OPEC+ ministerial monitoring committee meeting on Monday. Russian Energy Minister Alexander Novak said the committee recommended sticking in full to the group’s global deal to reduce oil production.

Brent crude LCOc1 futures fell 31 cents to settle at $42.62 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 5 cents to settle at $40.83 a barrel.

Saudi Arabia, the biggest member of the Organization of the Petroleum Exporting Countries, said no one should doubt the group’s commitment to providing support. In contrast, three producing countries said a planned output increase from January could be reversed if necessary.

OPEC+, a grouping of OPEC and allies, including Russia, is curbing oil production by 7.7 million barrels per day (BPD), down from cuts totaling 9.7 million BPD, and are due to reduce the cuts by a further 2 million BPD in January.