Azeri Light crude exceeds $ 52

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.96 (+1.88%), settling at $ 52.05 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.

The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Wednesday to show more support yet again as we bounce. Ultimately, this is a market that I think continues to go towards the $50 level above, a large, round, psychologically significant figure and an area that has offered resistance recently.

Brent markets have also pulled back to pierce the $50 level but then found buyers to bounce above it again. It looks as if the $50 level will continue to be important for the markets, as it was previous resistance and should now be significant support. Ultimately, the market bouncing from here should send oil towards the $52.50 level, possibly even the $55 level, given enough time.