For the first time in the last 8 months, the price of Brent crude oil has fallen below the $60 threshold in the global market.
Musavat.com reports, citing Bloomberg, that currently on the London ICE exchange, futures for Brent crude oil for February 2026 are trading at $59.02, down nearly 2.6%. On New York's NYMEX commodity exchange, the WTI crude oil futures for January 2026 are offered at $55.32, down 2.5%.
According to analysts, this decline is related to progress made in peace talks in Ukraine. It is expected that after a peace agreement is signed, Russian oil will fully return to the market. Under the current surplus supply conditions, these expectations are rapidly pulling prices down.
It should be noted that the Azerbaijani government has set the price of oil per barrel at $70 for the 2025 state budget and $65 for 2026. The average price of AzeriLight crude oil over the first 9 months of this year was $70.1.
