Azeri Light crude tumbles

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 0.22 (-0.4%), settling at $ 55.83 per barrel.

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 edged lower toward $52 a barrel as a resurgent Covid-19 outbreak in some regions, and a slow roll-out of vaccinations weighed on the demand outlook, offsetting tightening global supply.

Futures in New York fell 0.6% after rising around 1% on Monday. A flare-up of the coronavirus in China is threatening fuel demand during the Lunar New Year period, with the government encouraging millions not to travel to prevent the outbreak from spreading further. Asian equities, meanwhile, slid as investors mulled the possibility of a U.S. stimulus package being delayed.

Seaborne exports of Russia’s flagship Urals crude will drop by almost 20% in February from a month earlier, adding to lower Iraqi production and crimped Libyan shipments. Prompt time spreads for the U.S. benchmark, and global Brent are