Azeri Light crude nears $57

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased by $0.35 (+0.62%), settling at $56.71 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

Oil rose above $56 a barrel on Wednesday after industry data showed US crude inventories fell unexpectedly and as concerns eased about a resurgence in coronavirus cases in China, the world’s second-biggest oil user.

Industry group, the American Petroleum Institute said US crude inventories fell by 5.3 million barrels. Analysts had expected them to rise.

Brent crude climbed 51 cents, or 0.9%, to $56.42 a barrel. US West, Texas Intermediate crude, rose 41 cents, or 0.8%, to $53.02, CNBC reported.

“Oil prices are inching higher this morning amid data pointing to an unexpected drop in US crude stocks,” said Stephen Brennock of broker PVM.

Brent is near an 11-month high of $57.42 reached on Jan. 13, having recovered from a 21-year low below $16 in April due to a demand recovery, particularly in China and huge supply cuts by OPEC and its allies, known as OPEC+.