Weekly review of Azeri Light, Dated Brent, and Urals oil prices

BAKU, Azerbaijan, July 4. The average prices of Azeri Light CIF, Azeri Light FOB Ceyhan, Dated Brent, and Urals crude oil decreased this week.

According to Trend's calculations based on data from oil market participants, the price of Azeri Light CIF crude, produced at the Azeri-Chirag-Gunashli field in Azerbaijan, declined by $4.03, or 5.2%, compared to the previous week, to $73.63 per barrel.

Data shows that the maximum price for this grade of crude oil during the week was $75.6 per barrel, and the minimum was $71.81.

The average price of Azeri Light crude oil on a FOB basis at the Turkish port of Ceyhan was $71.16 per barrel, which is $4.12, or 5.5%, less than last week. During the week, the maximum price was $73.21 per barrel, and the minimum was $69.32.

The price of Urals crude oil decreased by $6.73, or 13.9%, compared to the previous week, standing at $41.79 per barrel. During the week, the maximum price was $44.47, and the minimum was $39.57.

The Dated Brent crude oil price averaged $69.87, down by $3.64, or 4.9%, compared to the previous week. During the week, the maximum price was $71.52 per barrel, and the minimum was $68.17.

On July 1, global oil prices fell more than 1%, reaching their lowest levels since March, amid easing supply concerns thanks to optimism surrounding US-Iran talks. This was prompted by U.S. President Donald Trump's statement that the talks in Qatar had concluded successfully.

By the close, the price of September Brent crude futures fell $1.38 (1.89%) to $71.57 per barrel. August WTI futures fell 92 cents (1.32%) to $68.58 per barrel.

Both benchmark crudes closed at their lowest levels in four months.