Azeri Light crude rises 3%

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 1.1 (2.5%), settling at $ 44.51 per barrel, Report says.

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 prices jumped by 4 percent early on Monday, bolstered by another potential vaccine breakthrough, as well as bullish economic data from China.

As of 9:14 a.m ET on Monday, WTI Crude was up 4.46 percent at $41.92, and Brent Crude was trading up 3.95 percent at $44.48.

Prices shot up after Moderna said on Monday that the Phase 3 study of its vaccine candidate—which had enrolled more than 30,000 participants in the U.S.—had met statistical criteria with a vaccine efficacy of 94.5 percent. Moderna plans to file for an Emergency Use Authorization (EUA) with the U.S. Food and Drug Administration (FDA) in the coming weeks and submit applications for authorizations to global regulatory agencies.

Moderna’s vaccine news comes a week after Pfizer and BioNTech announced 90-percent efficacy of their COVID-19 vaccine candidate, sending oil prices soaring by 10 percent last Monday.