Azeri Light crude sinks to $ 50

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, has dropped by $ 1.89 (-3,58%), settling at $ 50.90 per barrel, Report informs.

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

U.S. West Texas Intermediate crude oil futures plunged more than 4% in early trading on Monday as a fast-spreading new coronavirus strain that has shut down much of the U.K. and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.

The news of a new coronavirus strain in Britain overshadowed a $900 billion stimulus bill passed Sunday night and the Moderna vaccine rollout.

“Reports of a new strain of the coronavirus has weighed on risk sentiment and oil. New mobility restrictions across Europe are also not helping as European oil demand will suffer,” said UBS oil analyst Giovanni Staunovo.