Azeri Light crude goes down 2%

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 1.02 (2.29%), settling at $ 43.49 per barrel, Report says.

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.

The American Petroleum Institute (API) announced on Tuesday a build in crude oil inventories of 4.174 million barrels for the week ending November 13.

Analysts had predicted an inventory build of 1.95-million barrels.

The API reported a large draw in oil inventories of 5.147-million barrels in the previous week after analysts had predicted a draw of 913,000 barrels for the week.

Oil prices were trading down on Tuesday afternoon before the API's data release despite significant vaccine news. OPEC+ indicated that it could extend its current production cuts for an additional three months. Pressuring prices include widespread lockdowns, weaker than anticipated economic data in the United States, and Libya's surging oil production.

In the runup to Tuesday's data release, at 11:53 a.m. EDT, WTI had fallen by $0.48 (-1.16%) to $40.86, down roughly $0.50 per barrel on the week. The Brent crude benchmark had fallen on the day by $0.61 at that time (-1.39%) to $43.21—down about $0.40 per barrel on the week.