Azerbaijani oil drops to $ 43

The price for Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased $ 1,22 or 2,71%.

Report says that the cost for Azeri Light oil was $ 43.89 per barrel.

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

Oil futures plummeted on Thursday amid revived fears of a long-term demand shock.

West Texas Intermediate crude slid as much as 6.3% to $38.72 per barrel. International standard Brent crude tumbled 5.4%, to $41.38, to its intraday low as of 11:05 a.m. ET. Both reached their lowest point since late June.

The world's most-traded commodity stabilized near $40 per barrel through the summer after rallying in the second quarter. Thursday's session wiped out that support for WTI and threatened to plunge Brent futures below the key threshold. Oil volatility rocketed higher after touching its lowest point in five months.