Azeri LT CIF crude oil price rose by $ 1.01 or 2.5% up to $ 41.48 a barrel, Report says.
The lowest Azeri LT CIF price was on April 21, 2020 ($15.81), and the all-time high in July 2008 ($149.66)
Notably, oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in U.S. crude inventories.
U.S. West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2%, to $39.86 a barrel by 0411 GMT while Brent crude futures fell by 70 cents, or 1.6%, to $41.95 a barrel.
“Crude prices got hammered with one-two punch after President Trump sent all risky assets into freefall after ending negotiations on fiscal stimulus and after U.S. crude stockpiles posted their first build in four weeks,” market analyst Edward Moya said.