AZERBAIJAN AZERI LIGHT CRUDE PRICE GROWS TO $106.84 PER BARREL

What happened: The price of Azerbaijani Azeri Light crude on a CIF basis at Italy's Augusta port rose by $0.03, or 0.03%, to $106.84 per barrel, oil market participants reported. Key numbers: Azeri Light CIF Augusta $106.84 per barrel, up $0.03 or 0.03%. Azeri Light FOB Ceyhan $101.60, up $1.7 or 1.70%. Urals $72.945, down 0.01%. Why it matters: The report attributes the weekly decline to growing optimism that the Middle East conflict could be resolved sooner than expected, strengthened by the Democrats' US midterm election victory, though it notes risks to maritime shipping remain.

The price of Azerbaijani Azeri Light crude on a CIF basis at Italy's Augusta port rose by $0.03, or 0.03%, to $106.84 per barrel, oil market participants reported.

The report attributes the weekly decline to growing optimism that the Middle East conflict could be resolved sooner than expected, strengthened by the Democrats' US midterm election victory, though it notes risks to maritime shipping remain.