Oil prices have risen on the world markets.

The price of a barrel of Azeri Light crude oil increased $0.50 to stand at $53.80.

On NYMEX (New York Mercantile Exchange) cost of the US Light crude oil increased $0.02 to stand at $47.60. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) rose $0.03 to trade at $50.76.