Azeri Light oil price tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 1 (2.18%), settling at $ 44,92 per barrel, Report says.

The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and in July 2008, the maximum amount was $ 149.66.

Oil prices fell on Wednesday post-EIA report, despite a favorable crude inventory report that showed oil inventories in the United States had shrunk by nearly ten million barrels.

The culprit for the downward price movement? Lower refinery throughputs for the week. In other words, the threat of refinery maintenance season.

Inventory levels are still above the five-year average for this time of year, and the summer driving season is now behind us. A new season now approaches the dreaded maintenance season.

That fear sent oil prices tumbling despite today’s inventory draw. At 3:00 pm EDT, the WTI benchmark had fallen 3.32% to $41.34. The Brent benchmark had dropped by 2.83% to $44.29.

October WTI futures had also slipped to $41.33—a $1.41 loss (-3.30%) on the day. WTI futures for the November contract were also down, by $1.42, at $41.66.