Oil prices are on the rise in global markets, Azernews reports.

The value of a barrel of "Brent" oil on London's ICE ("InterContinental Exchange Futures") exchange surged by $0.47, reaching $82.39.

Similarly, on the NYMEX ("New York Mercantile Exchange") in New York, the price of a barrel of "Light" oil saw a $0.57 increase, settling at $78.47.