Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 1.45 (3.55%), settling at $ 44.77 per barrel, Report says.
The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and, in July 2008, the all-time high was $ 149.66.
Oil prices were seemingly undeterred at the lockdown developments, which will have at least some impact on oil demand.
At 2:23 p.m. ET, WTI was holding firm at $41.61, up to $1.32 (3.28%) on the day, while Brent crude was up $1.45 (3.42%) on the day at $43.85.
Oil prices rallied earlier in the week after Pfizer announced a 92% success rate in a trial for a Covid-19 vaccine. Prices were bolstered even further when OPEC member Algeria suggested that OPEC+ could deepen the group’s production cuts come January.
But the vaccine won’t improve oil demand today. Today, we have lockdowns and more lockdowns, which will have an immediate negative effect on transportation fuel in general as more people stay home in the evening hours.