The price of Azerbaijan's Azeri LT CIF crude oil traded in the financial markets has risen by $0.96 or 2.38%, settling at $41,26 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).
Oil prices are fighting hard to regain some ground after falling hard on Tuesday, but WTI still is barely above $38.
Prices fell hard on Tuesday, falling from near $40 per barrel at the close of trading on Monday to $36.76 on Tuesday after Saudi Arabia cut its official selling price (OSP) for October to two of its largest buyers, Asian and U.S. refineries, and after one of the most promising Covid-19 vaccine trials was put on hold due to an adverse reaction.
The news is bad for oil demand, counting on lockdowns being lifted and businesses opening to see a full recovery.
Nevertheless, oil futures rose early on Wednesday. Still, a further upswing in Covid-19 cases in India, Great Britain, and many other countries and disappointing news from the EIA about its oil demand growth projections stymied the rally.