Azeri Light oil price nears $ 40

The price of Azerbaijan's Azeri LT CIF crude oil traded in the financial markets has fallen by $2.02 or 4.77%, settling at $40,30 per barrel, Report informs.

Notably, the record low of Azeri LT CIF was registered in December 2001 ($19.15), and the all-time high recorded in July 2008 ($149.66).

Oil futures tumbled on Tuesday, with Brent dropping below $40 a barrel for the first time since June and US crude off more than 8% after Saudi Arabia cut its October selling prices amid a flare-up of coronavirus cases around the world.

Coronavirus infections are rising in India, Great Britain, Spain, and several parts of the United States, where the infection rate has not come under control for months. The rebound in illnesses could weaken the global economic recovery and sap fuel demand.

US West Texas Intermediate (WTI) crude dropped $3.42 or 8.6%, to $36.35 at 11:33 AM EDT (1533 GMT), lowest since June 15. Brent crude fell $2.46, or 5.9%, to $39.55 a barrel.

Both oil benchmarks have dropped below the ranges they were trading in throughout August. Brent is falling for the fifth day and has lost more than 10% since August.