The prices on global oil markets will gradually grow and may reach $55-$60 per barrel by late 2016, according to the most optimistic estimates, Azerbaijan's Energy Minister Natig Aliyev told local media on May 7.

"I don't think it's worth expecting a sharp rise in oil prices," the minister said.

"It's hard to say for sure, but as one can see, prices gradually rise," he said.

Aliyev added that no significant changes are currently observed on the market.

June futures for WTI light crude increased by 0.77 percent - up to $44.66 per barrel at the New York Mercantile Exchange (NYMEX).

The price for July futures of the North Sea Brent oil mix increased by 0.69 percent - up to $45.32 per barrel at ICE Futures in London.

The price for AZERI LT CIF oil, produced at the Azeri-Chirag-Guneshli block of oil and gas fields, was $46.93 per barrel at the Italian port of Augusta on May 6, or $0.25 more compared to the price on May 5.

Azerbaijan has been producing AZERI LT since 1997 and exports it via Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines, as well as by rail to the Georgian port of Batumi.