TEHRAN- Iran’s light crude oil price rose $1.48 in the week ended on September 8 to settle at $52.41, Shana reported on Saturday.

The country has sold light crude at $49.17 on average since the beginning of 2017 up to the mentioned week.

Also, Iran sold its heavy crude oil at $50.69 per barrel in the said week, up $2.18 compared to its preceding week. 

Meanwhile, with $2.12 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $51.68 per barrel in the mentioned week.

Oil prices rose in the mentioned week on forecasts for rising demand and the gradual restart of U.S. oil refineries.

The Organization of the Petroleum Exporting Countries (OPEC) has forecasted higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its deal with non-OPEC states to cut output is helping tackle a glut.

EF/MA