Baku: In November of this year, the average price of a barrel of ‘Brent’ benchmark oil on world markets amounted to 63.6 US dollars, reflecting a 1.7% decrease compared to December of the previous year, when the price was 64.7 dollars.

According to Azeri-Press News Agency, the World Bank’s monthly commodity price report highlights that in the first quarter of this year, the average price of a barrel of ‘Brent’ oil was 75.6 dollars, followed by 67.8 dollars in the second quarter, and 69 dollars in the third quarter.

The World Bank also noted that the projected average price of ‘Brent’ oil for 2024 is expected to be 80.7 dollars, marking a 2.3% decrease compared to the 2023 average of 82.6 dollars.

Additionally, the report states that the average price of a barrel of WTI (West Texas Intermediate) benchmark oil in November was 59.6 US dollars, which is a 1% decline from the previous month’s figure of 60.2 dollars.

The data further reveals that the average WTI oil price in the first quarter was 71.4 dollars, 63.9 dollars in the second quarter, and 65 dollars in the third quarter. Last year, the average price of WTI benchmark oil was recorded at 75.8 dollars, showing a 2.4% decrease from the previous year’s average of 77.7 dollars.