A nonrecoverable I/O error occurred on file Backup to URL received an exception

My previous post discussed SQL Server Backup to URL, this is an error related to it.

​A nonrecoverable I/O error occurred on file "https://dinesqlclassicstorage.blob.core.windows.net/classisstroagecontainer/Sales_20160512.bak:" Backup to URL received an exception from the remote endpoint. Exception Message: The remote server returned an error: (404) Not Found..

Msg 3013, Level 16, State 1, Line 1

BACKUP DATABASE is terminating abnormally.

As usual, did a search but did not find a good solution but figured out a possible reason for this. The reason could be, using a Azure Classic Storage. If we try to use the newest storage, this error does not occur. However, I cannot exactly say that this is the only reason for this error. There can be many other reasons but try with new storage and see if you experience the same.