Azeri Light oil price rises sharply

Azeri LT CIF crude oil price rose by $ 1.63 or 4.2% up to $ 40.47 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)

On Monday morning, oil prices skyrocketed as U.S. President Donald Trump's health appears to have improved after testing positive for the coronavirus on Thursday evening.

At 11:06 a.m. EDT, the WTI benchmark price had risen by 6.15% to $39.33. While the gains are substantial for the day, they are still under the $40 per barrel mark, and still under where prices were just a week ago, as both significant benchmarks tumbled on Friday as reports came in that President Trump had tested positive.

The Brent crude benchmark was trading up 5.65%, at $41.49.

Prices were also supported by Norway's strike action that shut down six offshore oil and gas fields on Monday, including four of Equinor's. More oil and gas field shutdowns are possible in Norway as the strike continues to escalate overpay.