Azeri Light oil price rises

Azeri LT CIF crude oil price rose by $ 0.34 or 0.81% up to $ 42.46 a barrel, Report says.

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

Oil prices dropped on Thursday, weighed down by concerns that U.S. economic recovery is slowing as the coronavirus outbreak lingers. Simultaneously, a renewed wave of COVID-19 cases in Europe has led to reimposed travel restrictions in several countries.

The jitters over demand and economic outlook due to the coronavirus resurgence have prompted a rally in the dollar as investors turned to safer assets, adding pressure to oil prices. A stronger dollar makes oil, priced in U.S. dollars, less attractive to global buyers.

U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1.5%, to $39.33 a barrel at 0445 GMT, while Brent crude futures dropped 47 cents, or 1.1%, to $41.30 a barrel.

Both benchmarks climbed slightly on Wednesday after government data showed U.S. crude and fuel stockpiles dropped last week. Gasoline inventories fell more than expected, sliding by 4 million barrels, and distillate stockpiles posted a surprise drawdown of 3.4 million barrels.