Baku: Azerbaijan's Azeri Light (CIF) crude oil has risen in price on global markets, APA-Economics reports. The price of one barrel of Azerbaijan's crude rose by $1.06, or 1.53%, to $70.37.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was $69.31. It is important to note that Azerbaijan's state budget for this year was calculated based on an average price of $65 per barrel for Azeri Light crude.