Azeri Light crude soars

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, has jumped up $1.83 (+3.23%), settling at $58.48 per barrel, Report informs.

Oil prices rose in Asia on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in U.S. crude stockpiles and an OPEC+ estimate of a global oil market deficit this year.

Market sentiment was bolstered by news that Democrats in the U.S. Congress took the first steps toward advancing President Joe Biden’s proposed $1.9 trillion coronavirus aid plan without Republican support.

U.S. West Texas Intermediate (WTI) crude futures climbed 24 cents, or 0.4%, to $55.00 a barrel at 0447 GMT, for a third straight day of gains. The benchmark hit a one-year high of $55.26 on Tuesday.

Brent crude futures rose 26 cents, or 0.5%, to $57.72 a barrel, for a fourth day of gains after hitting $58.05 on Tuesday, the highest since January last year.

Analysts said the market was buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, that oil stockpiles will decline to below a five-year average by June.