Azeri Light oil price goes down

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 0,90 (2.17%), settling at $ 40,58 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.

The oil price looked like it was climbing out of a hole at the start of the week as President Donald Trump’s health improved, and Congress appeared to be getting closer to a new stimulus deal. There were other bullish factors, too: A hurricane is forcing oil companies to suspend operations around the Gulf of Mexico, and a strike in Norway is hitting production there.

All those factors seemed to point to higher oil prices. But the president’s decision to end negotiations on another round of economic stimulus (one that he may or may not reverse) and a continued increase in oil inventories has reversed the momentum.

On Wednesday, the Energy Information Administration said crude inventories rose 500,000 barrels in the latest week. Analysts had expected a decline.

Brent crude futures, the international benchmark, fell 2.3% to $41.65. West Texas Intermediate futures fell 2.7% to $39.56. Oil stocks were trading flat. Chevron (ticker: CVX) stock, for example, was down 0.2%.

Absent other news, some analysts worry that oil’s slump could last through the winter.