Azeri Light crude exceeds $ 61

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.6 (+0.99%), settling at $ 61.11 per barrel, Report informs.

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

Oil prices rose on Tuesday to their highest level in 13 months, supported by major producers' supply cuts and hopes of demand recovery.
International benchmark Brent crude trading up 0.9 percent at $61.08 per barrel, at 7 am Riyadh.
WTI crude rose 0.8 percent to $58.44 a barrel.

"Progress on US stimulus and optimism around the roll-out and effect of vaccines across the remainder of 2021 and a slightly weaker USD help the view (for a recovery in fuel demand)," Reuters reported, citing Stephen Innes, a chief global markets strategist at Axi.

However, Innes cautioned that both Brent and WTI are in overbought territory on technical charts.