Baku: Azerbaijani oil branded Azeri Light (CIF) has risen in price on world markets, APA-Economics reports. The price of one barrel of Azerbaijani oil increased by 1.75 US dollars, or 1.5%, to 118.16 US dollars.

According to Azeri-Press News Agency, the previous price of Azerbaijani oil was 116.41 US dollars. The average price of one barrel of Azerbaijani oil branded Azeri Light was calculated at 65 US dollars in Azerbaijan's state budget for this year.