Baku: The price of Azeri Light crude oil experienced a significant increase, rising by $4.72, or 5.08 percent, to reach $97.61 per barrel on Wednesday.

According to Azerbaijan State News Agency, this recent price change highlights the fluctuating nature of oil markets. The all-time low for Azeri Light was recorded at $15.81 per barrel on April 21, 2020, amidst a period of global economic uncertainty. Conversely, the record high for Azeri Light was $149.66 per barrel, reached in July 2008.

These shifts in oil prices are indicative of broader trends in the energy market, influenced by a variety of economic and geopolitical factors. The current price nearing $100 per barrel suggests a recovery from the lows experienced during the height of the global pandemic.