The Azerbaijani oil price has increased in the world markets. Azeri LT CIF crude oil price rose by $0.55 or 1.26% up to $44.17 a barrel.
The lowest Azeri LT CIF price was on April 21, 2020 ($15.81), and the all-time high in July 2008 ($149.66).
Notably, oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast.
Still, record-breaking new coronavirus cases in the United States tempered expectations for fast recovery in fuel consumption. Prices also found support after data showed U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row. Brent crude settled up 89 cents, or 2%, at $43.24 a barrel and U.S. oil settled up 93 cents, or 2.4%, at $40.55 a barrel. A strong stock market also boosted oil prices. A slate of economic data, including a record monthly payrolls addition, pointed to a revival in U.S. business activity in June