Azeri Light crude rises 5%

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Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 2.49 (+5.06%), settling at $ 51.70 per barrel, Report informs.

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.

The price of Brent crude oil has reached $50 a barrel for the first time since March as strong demand out of Asia and optimism surrounding Covid-19 vaccine progress lifted the outlook for consumption.

Futures in London rose as much 2.7% to their highest since early March. There are continuing signs of robust demand in Asia, with Chinese refiners moving early to buy crude from as far afield as the North Sea. Indian Oil Corp., which has been seeking spot cargoes in recent days, said the nation’s petroleum products consumption is almost back to normal.

Crude surged to a nine-month high as more countries make progress toward rolling out a Covid-19 vaccine. The futures curve has also flipped on its head, trading in a structure known as backwardation that makes it profitable to roll contracts from one month to the next. That is also attracting a rush of new flows to the market.