Oil is sinking in price

By Azernews

By Sara Israfilbayova

World oil prices on Monday, April 3, show a negative trend on oil is falling in price amidst of the data released on Friday by American industrial service company Baker Hughes about the increase of drilling rig in USA.

Brent and U.S. crude posted their worst quarterly loss since late 2015 in the March quarter. U.S. futures fell nearly 6 percent from the previous quarter, while Brent lost 7 percent as rising inventory levels outpaced output cuts by OPEC and non-OPEC members.

The price of the June Brent futures dropped up to $52.71 a barrel at the end of the working week in the morning. Nevertheless, the May futures for WTI oil fell by 0.34 percent to $50.18 per barrel.

According to traders, the balance in the market is being gradually updated, due to which both benchmark oil brands were fixed above USD 50 per barrel despite Friday's decline.

Positive impact on the approach of investors had less significant increase in oil reserves in the USA in the previous week, as well as an increase in the activity of the oil refinery, which makes it possible to expect an increase in demand.

The maximum price of Azeri Light for the period from 27 to 31 March was $53.87 per barrel, the minimum price was $51.66 per barrel. The average price of Azeri Light oil was $52.93 per barrel, which is $0.94 more than the index of the previous week.