Azeri Light crude tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, has decreased by $ 0.08 (-0.16%), settling at $ 50.92 per barrel, Report informs.

In highly volatile trade, oil prices rose early on Monday as ministers of the OPEC+ alliance began their virtual meeting to decide production levels for February.

As of 9:16 a.m ET on Monday, WTI Crude was up 0.68 percent at $48.90, and Brent Crude was trading up 1.16 percent at $52.43, suggesting that the market believes that the OPEC+ group will not decide to raise production by another 500,000 barrels per day (bpd) from February as Russia and the United Arab Emirates (UAE) are reportedly proposing.

Most OPEC+ members are reportedly favoring delaying another 500,000 bpd increase in collective production from February due to the surging COVID-19 cases and the new lockdowns imposed to fight them, three sources at OPEC+ told Reuters on Monday.

According to analysts, China’s increase in oil demand amid a cold snap and factories turning to diesel power generators in light of electricity shortages are also supporting oil today.