BAKU, Azerbaijan, November 5. The price of
Azerbaijan's Azeri Light crude oil fell by $6.64, or 5.85%, to
$106.81 per barrel on a CIF basis at Italy's Augusta port, compared
with the previous price, a source in the oil market told Trend.
At Türkiye's Ceyhan port, the price of Azeri Light declined by
$5.75, or 5.44%, to $99.90 per barrel on a FOB basis.
The price of Russia's Urals crude fell by $6.63, or 8.33%, to
$72.95 per barrel.
North Sea Dated Brent crude dropped by $9.03, or 8.58%, to
$96.16 per barrel.
Azerbaijan's 2026 state budget is based on an average oil price
of $65 per barrel.
According to Trading Economics, crude oil prices continued to
decline on Thursday, with prices falling below $87 per barrel and
approaching a one-month low following a drop of more than 8% in the
previous session.
"The decline in prices is attributed to expectations that
Democratic gains in the US midterm elections, which would give the
party greater influence in Congress, will increase pressure on the
Trump administration to end the war with Iran," the analysts noted
in latest report.
"President Donald Trump has acknowledged that the conflict with
Iran was one of the main factors behind Republican losses in the
elections, also citing rising gasoline prices as a significant
contributing factor. However, he said that there were no plans to
intensify military strikes against Iran in the near future.
"The Democratic-controlled Congress is expected to be able to
restrict funding for military operations in the Middle East.
Meanwhile, Senate Minority Leader Chuck Schumer has pledged to put
forward initiatives aimed at ending the conflict.
"At the same time, crude oil exports from the Persian Gulf have
begun to recover, with supply reportedly exceeding near-term
demand. Overall, the price of WTI, the main US crude benchmark, has
fallen by approximately 16% so far this week," the report by
Trading Economics said.
