Price for Azeri Light ups
The price of oil has continued to rise in the world markets, AzerTag state news agency reported.
Azerbaijan's State Energy Company's Department of Marketing and Economic Operations reported that a barrel of Azeri Light crude oil increased $0.56 to stand at $111.94.
Azerbaijan produces three grades of crude oil, the SOCAR-produced barrels, Azeri BTC, and Azeri Light. Due to its poor quality, the SOCAR-produced crude oil is blended in Russia and marketed as Urals blend. The country's main export crude oil streams are Azeri BTC and Azeri Light. These two grades are fairly similar and are mainly sold to European and Asian markets.
On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil raised $1.76 to stand at $96.73.
Price of British Brent crude oil at the London ICE (InterContinental Exchange Futures) has increased $1.54 to trade at $108.27.