Azeri Light crude rises 4%

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 2.02 (+3.97%), settling at $ 52.94 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.

U.S. benchmark West Texas Intermediate crude futures broke above $50 on Tuesday for the first time since February, boosted by a surprise announcement by Saudi Arabia of a 1 million barrel per day production cut beginning in February and extending through March.

The move higher marks a steady comeback for oil prices after the coronavirus pandemic and subsequent demand loss sent futures prices tumbling and briefly into negative territory last April.

WTI settled 4.85%, or $2.31, higher at $49.93 per barrel, after earlier jumping more than 5% to trade as high as $50.20 per barrel. International benchmark Brent crude futures gained $2.51, or 4.9%, to settle at $53.60 per barrel. Oil prices also rose one day after Iran claimed it detained an oil tanker “due to repeated violations of marine environmental laws.”