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Azerbaijani oil price falls as global oil markets decline

10 July 2024 10:42 (UTC+04:00)
Azerbaijani oil price falls as global oil markets decline
Nazrin Abdul
Nazrin Abdul
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The price of Azerbaijani oil has decreased on the world market, Azernews reports.

The cost of one barrel of "Azeri Light" crude oil has fallen by $1.40, or 1.55%, to $88.89.

It is worth noting that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81 per barrel, while the highest price was $149.66 per barrel in July 2008.

Additionally, oil prices have also decreased on global exchanges.

On the London ICE (InterContinental Exchange Futures), the price of a barrel of "Brent" crude oil dropped by $0.37 to $84.29.

On the New York NYMEX (New York Mercantile Exchange), the price of one barrel of "Light" crude oil decreased by $0.30 to $81.11.

Understanding the historical context and current trends in oil prices helps in analyzing how market forces shape the value of commodities like Azeri Light crude oil. The recent drop in prices is part of a broader pattern influenced by global economic conditions and market dynamics.

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