Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.50 (+1.03%), settling at $ 48.88 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.
Since pharmaceutical companies started announcing vaccine breakthroughs three weeks ago, the oil market has seen the gloom from the soaring coronavirus cases turn into optimism that vaccine availability would help global economic recovery and a rebound in oil demand at some point next year.
Hedge funds and other money managers have been net buyers of the most important petroleum futures and contracts since November 9, when Pfizer and BioNTech started the race to take vaccines to approval within weeks and to people within months.
At the end of the most recent reporting week to November 24, portfolio managers held the most bullish overall position in oil in three months—since the end of August, suggesting that the market hopes that vaccines will help global oil demand.