Azeri Light oil rises again

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Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.33 (+0.69%), settling at $ 48.38 per barrel, Report informs.

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.

Oil prices extended losses on Wednesday, hit by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January.

Brent crude oil futures were down by 41 cents, or 0.9%, at $47.01 a barrel by 0358 GMT, while West Texas Intermediate crude was down by 46 cents, or 1%, at $44.09.

Industry data from the American Petroleum Institute showed U.S. crude inventories rose by 4.1 million barrels last week, compared with analysts’ expectations in a Reuters poll for a draw of 2.4 million barrels.

The numbers came after the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies, a group known as OPEC+, postponed talks on next year’s oil output policy to Thursday from Tuesday, sources said.