Iran’s oil price drops by 60 cents to $69

TEHRAN, Jan. 28 (MNA) – The upswing in the price of Iran’s light crude oil, which began in Jan. 2018, came to a stop during the week leading to Jan. 19, and now stands at about US$69 a barrel.

According to Iranian Petroleum Ministry, Iran's crude oil price for each barrel fell by 60 cents in the week leading to January 19 and stopped at US$68.81, which shows a 45-cent decrease compared to last week.

The average Iranian oil price since the beginning of 2018 has been US$68.62 per barrel.

Iran's heavy crude oil price, in the same period, rose by 60 cents per barrel to stand at US$66.22. The average price of Iranian heavy crude oil since 2018 has been US$65.48 per barrel.

The price of OPEC's oil basket rose to US$67.21 a barrel during the week leading to January 12, which shows a 40-cent increase compared to the previous week.

The WTI crude oil price, in the same period, rose by 59 cents and currently stands at US$63.86 per barrel.

Brent crude oil fell by 27 cents in the same week and now stands at US$69.35 a barrel. 

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News Code 131687

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