Azeri LT CIF crude oil price nears $45

The Azerbaijani oil price has increased in the world markets. Azeri LT CIF crude oil price rose by $0.57 or 1.29% up to $44.93 a barrel. 

The lowest Azeri LT CIF price was recorded on April 21, 2020 ($15.81), and the all-time high in July 2008 ($149.66). 

Oil prices rose nearly 2% on Wednesday after a favorable U.S. inventory report from the Energy Information Administration (EIA), an OPEC agreement to taper the production cuts, and assurances from U.S. President Trump that Washington will not levy sanctions on China for its treatment of Hong Kong.

Oil price futures were up more than 2% on Wednesday, with spot prices for WTI up 1.71% at $40.98 at 6:30 pm EDT. Brent crude was trading up 1.75% at $43.65.

The news piggybacked on the good news from the EIA, which on Wednesday confirmed the API’s report a day earlier that crude oil stocks in the United States had fallen by more than 7 million barrels. This is attributed to fewer crude oil imports from Saudi Arabia.