Azeri Light oil price tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased $ 0.93 (2.19%), settling at $ 41.53 per barrel, Report says.

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 was headed for a third weekly decline in four -- while managing to hold above $40 a barrel -- amid signs fresh supply might be hitting the market as the demand outlook worsens.

In New York, November futures were steady Friday and are down around 3% this week as the re-imposition of lockdown measures in countries including France and the U.K. casts doubt on the energy demand recovery. Oil traders, meanwhile, are reporting a sharp increase in Iraqi export cargoes for next month, and say they probably indicate a higher overall output from the OPEC’s biggest producer after Saudi Arabia.

West Texas Intermediate closed up 1% on Thursday -- rising for a third straight day -- tracking Wall Street higher on news that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were open to resuming stimulus talks. However, U.S. stocks later pared gains as investors dialed back optimism on the prospects for a compromise.