The price of Azerbaijani crude oil increased $0,47 or 1,05% in the world markets and equaled $45.14, Report informs.
A minimum price for Azeri LT CIF was reported on April 21, 2020 ($15.81), and the price reached a peak in July 2008 ($149.66).
Notably, crude oil prices gained some ground at London’s trading session, despite a surprise surge in U.S. crude oil inventories. This was revealed in a report credited to the Energy Information Administration.
Brent crude gained 0.45% about to trade at $44.49 a barrel by 8.07 am; also, the West Texas Intermediate gained 0.14% to $42.11 a barrel.
U.S crude inventories gained about 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations in a Reuter’s poll for a 2.1 million-barrel drop. Production rose to 11.1 million barrels per day, up by 100,000 barrels per day.