BAKU— The Azerbaijani oil market experienced a noticeable increase in prices this week, with significant rises recorded across various crude benchmarks.

According to Trend News Agency, Azeri Light crude oil, sourced from the Azeri-Chirag-Guneshli field, saw its CIF price rise by $2, or 2.66 percent, compared to last week, settling at an average of $77.23 per barrel. The prices fluctuated between a maximum of $78.2 and a minimum of $76.11 per barrel during the week. Similarly, at Trkiye’s Ceyhan port, the FOB price of Azeri Light crude increased by $1.97, or 2.65 percent, from last week, averaging $76.16 per barrel, with highs and lows peaking at $77.12 and dipping to $75.06 respectively.

The price of URALS crude also showed a notable increase, averaging $61.58 per barrel, which is a 4.36 percent rise from the previous week. The URALS crude reached a high of $62.7 and a low of $60.27 per barrel. Additionally, Dated Brent crude oil prices climbed by $2.79 or 3.85 percent, averaging $75.25 per barrel. The highest and lowest prices for Dated Brent were $76.58 and $73.87 per barrel, respectively.

This week’s price movements reflect broader trends in the global oil market, where fluctuations are influenced by various geopolitical and economic factors. The changes in Azerbaijani crude prices are particularly noteworthy as they play a crucial role in the economic landscape of the region.