Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, has decreased by $ 0.03 (-0.06%), settling at $ 54.7 per barrel, Report informs.
Oil prices remained elevated and were still on the rise on Thursday, hitting an 11-month high, as the effects of Saudi Arabia’s surprise announcement about an additional million barrels of crude oil production cuts still has enough juice to withstand civil unrest in the United States and the global pandemic.
At 4:11 p.m. EST, the
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The oil market seems to be focusing more on what Saudi Arabia can do to rebalance oil’s supply and demand than on any political instability brewing in the United States. The oil markets also seem to be discounting the severe impact that new waves of lockdowns will have on the overall demand picture.
While oil prices did slip briefly on Wednesday as a group of President Trump supports stormed into the Capitol, it could not tamp down the effects of Saudi Arabia’s gift that keeps on giving. The market is for now satiated.