Iranian crude catapult to $57 per barrel

News ID: 4107703 -
TEHRAN, Oct. 08 (MNA) – Iran’s light crude prices rose by over two dollars to reach as high as 57 dollars per barrel marking the largest figure in the year 2017.

In the seven days leading to September 29, Iran’s light crude prices grew by $2.02 climbing to 57 dollars a barrel while the average figure for Iranian crude has been $49.66 since the beginning of the year 2017, the Iranian Ministry of Petroleum reported.

In the meantime, price figures for heavy crude of Iran rose to 54 dollars and 53 cents indicating a $1.49 upswing as compared the earlier week.

The price of OPEC basket also rocketed by 1.56 cents surging to a $55.78 per barrel.

Over the same time span, WTI and Brent crude oil prices grew larger by $1.75 and $1.92 cents mounting up to $51.83 and $58.59 respectively.

Dubai and Oman crude oil barrels were also traded at $55.54 and $56.20 in the week leading to September 29 after respectively snowballing by 84 and 85 cents.

Analysts believe that the agreement to reduce OPEC and non-OPEC countries will continue. In the same vein, Russian Oil Minister Alexander Novak announced that he will support continuous reduction of production until the summer of next year.

According to the US Energy Information Administration, America’s crude oil storage in the week ending September 22 dropped by 1 million and 800 thousand barrels to about 471 million barrels, in line with increasing exports of crude oil and rising utilization of refineries.

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