Price of Azerbaijani oil declines

In recent market developments, the price of Azerbaijani oil has experienced a notable downturn, Azernews reports.

Specifically, the cost of a single barrel of the renowned "Azeri Light" brand oil has seen a decrease of $0.12, marking a 0.14 percent decline, now standing at $84.93.

This shift in pricing comes amidst various global factors affecting the oil market, including fluctuations in supply and demand, geopolitical tensions, and economic indicators.

It's noteworthy to mention that the lowest recorded price for "Azeri Light" oil was observed on April 21, 2020, at a strikingly low $15.81 per barrel. In stark contrast, the maximum price for this commodity was reached in July 2008, hitting a high of $149.66 per barrel. These historical benchmarks serve as crucial reference points for understanding the current trajectory of oil prices in the global market.