Price of Azerbaijani oil rises

The cost of Azerbaijani Azeri Light crude oil has shot up by $0.72, reaching $90.78 per barrel based on CIF in the Italian port of Augusta on July 2, compared to the previous reading, Azernews reports citing the source from the country's oil and gas market.

The price of Azeri LT FOB Ceyhan increased by $0.73 (to $89.36 per barrel).

The price of URALS equaled $74.26 per barrel, which is $0.73 more than the previous price.

Overall, the price of a barrel of Dated Brent oil produced in the North Sea rose by $0.58 on July 2, compared to the previous indication, to $88.59.

The official rate is 1.7 AZN/1 USD on July 3.

Oil prices have surged in global markets.

On the London InterContinental Exchange Futures (ICE), Brent crude oil increased by $0.42, reaching a trading value of $86.66. Similarly, the price of Light crude oil on the New York Mercantile Exchange (NYMEX) rose by $0.36, reaching a current value of $83.17.