Azeri Light crude settles above $52

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.67 (+1.36%), settling at $ 52.19 per barrel, Report informs.

Oil climbed on Thursday and touched a nine-month high, with traders optimistic about progress toward a US fiscal stimulus deal and record-breaking refining demand in China and India. US lawmakers edged closer to an agreement on a $900 billion virus-relief spending package on Wednesday. The US dollar set a 2-1/2 year low against major rivals on Thursday. Since crude is priced in greenbacks, this made oil cheaper for buyers holding other currencies.

Brent crude futures settled up 42 cents at $51.50 a barrel and touched $51.90. US West Texas Intermediate (WTI) crude futures rose by 54 cents to $48.36 a barrel, with a session high of $48.59. Both benchmarks hit their highest since early March.