Azeri Light crude keeps falling

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 0.53 (-1.04%), settling at $ 50.35 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.

Oil prices rose early on Monday after the U.S. FDA approved the Pfizer-BioNTech vaccine for emergency use and shipments of batches of vaccine vials began this weekend, with first vaccinations expected as early as Monday.

As of 9:04 a.m ET today, WTI Crude prices had gained 1.67 percent at $47.34, and Brent Crude was trading above the $50 a barrel mark, at $50.69, up by 1.48 percent on the day.

Last Thursday, Brent Crude hit $50 a barrel for the first time since oil prices had crashed in early March, as hopes of swifter-than-thought vaccine rollout fueled bullish expectations of strengthening oil demand early next year.

The U.S. approval of the Pfizer-BioNTech vaccine further strengthened bullish sentiment on Monday that fuel demand could rise with mass vaccination. The U.S. Food and Drug Administration (FDA) issued the first emergency use authorization for a vaccine against COVID-19. The authorization allowed the vaccine to be distributed in the United States.

Distribution began on Sunday, while vaccine shots will be given to health care workers and nursing home residents as early as of today.