Oil prices edge up after two-day decline, investors await Fed meeting outcome

Oil prices for benchmark grades are rising moderately on December 18 morning after a two-day decline, with investors assessing unofficial data on US oil inventories and awaiting the outcome of the Federal Reserve's meeting.

February Brent futures on the ICE Futures exchange in London have increased by $0.04 (0.05%) to $73.23 per barrel, Caliber.Az reports.

On December 17, these contracts dropped by $0.72 (1%) to a low of $73.19 per barrel, the lowest since December 10.

January WTI futures on the electronic trading platform of the New York Mercantile Exchange (NYMEX) have risen by $0.08 (0.11%) to $70.16 per barrel at the time of writing. The previous day, these futures fell by $0.63 (0.9%) to $70.08 per barrel.

From January to November 2024, Azerbaijan exported about 9,862,811 tonnes of oil worth $6,141,533 to Italy. As a result, Italy again became the top destination for Azerbaijani oil exports.

According to the State Customs Committee, the Czech Republic ranked second in terms of total oil exports from Azerbaijan. During the reporting period, about 1,583,208 tonnes of oil worth about $977, 548 were exported to the Czech Republic.

Croatia ranks third in the list of Azerbaijan's oil export destinations. From January to November of the current year, nearly 1,436,179 tonnes of oil worth about $873,399 thousand were exported to this country.

In total, during the reporting period, nearly 21,555,782 tonnes of oil worth about $13,304,396 were exported to 24 countries.

By Aghakazim Guliyev