Baku: The price of Azeri Light crude oil saw an increase of $1.99, or 2.3 percent, reaching a settlement of $88.82 per barrel on Friday.

According to Azerbaijan State News Agency, the recent price movement brings Azeri Light closer to the $89 mark, a significant level for the market. Historically, Azeri Light hit its all-time low at $15.81 per barrel on April 21, 2020, during a period of global economic uncertainty. Conversely, the record high for Azeri Light was $149.66 per barrel in July 2008, highlighting the volatility and fluctuations in the oil market over the years.