The $40-$60-a-barrel band is expected in the world market in the long term, Arzu Azimov, chief executive officer of SOCAR Trading, trading house of Azerbaijan’s state oil company SOCAR, told Financial Times.
“The $40-$60-a-barrel band was a new reality of the market that global producers needed to embrace,” he said.
"That corridor will last a lot longer," Azimov added.
As of Sept. 27, the WTI crude oil increased $0.36 or 0.69% to $52.24 during the NYMEX electronic trading operations.
At London’s Intercontinental Exchange (ICE), the price of Brent crude rose $0.34 or 0.58% to close at $58.78 a barrel.
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