Azerbaijani oil price falls in world markets

  27 February 2021    Read: 682
Azerbaijani oil price falls in world markets

Azerbaijani oil price has decreased on the world markets.

The price of a barrel of Azeri Light crude oil fell $1.02 to stand at $65.96.

Brent crude will average $59.07 per barrel this year, according to a Reuters survey of analysts.

This is up from last month’s consensus on an average of $54.47 a barrel, reflecting growing optimism about the immediate future of the world’s most traded commodity.

“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” one of the survey respondents, Norbert Ruecker from Swiss Julius Baer, told Reuters.

The combination of accelerating vaccination drives, government stimulus, and continued supply discipline, notably among OPEC+ members and U.S. shale producers, has lifted oil prices recently, with a number of banks revising their oil price forecast upwards.


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