Azeri Light oil price jumps

39

The price of Azerbaijan’s Azeri LT CIF crude oil traded in the financial markets has risen by $1.36 or 3.35%, settling at $41,94 per barrel, Report informs.

Notably, the record low of Azeri LT CIF was registered in December 2001 ($19.15), and the all-time high recorded in July 2008 ($149.66).

Crude future prices spiked on Thursday after OPEC said Thursday that the “worst is over” for the oil market. Front month crude contracts were up 3.08% to $41.22 by 15:09 ET following the optimistic commentary.

Secretary General Mohammad Barkindo said that OPEC is going to continue its oil market management and said the “worst is over.” The comments came as OPEC unveiled its annual World Oil Outlook. 

Global inventories are currently 220 million barrels above the 5-year average, according to Bloomberg. Regardless, OPEC says it hopes the market will be “very healthy” heading into Q4 2020.