TEHRAN- Iran’s light crude oil price fell $1.69 in the week ended on October 6 to settle at $55.31, IRNA reported on Saturday.

Also, the country sold its heavy crude oil at $53.27 per barrel in the said week, down $1.26 compared to its preceding week.

Meanwhile, with $1.4 fall from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $54.38 per barrel in the mentioned week.

Oil prices fell in the mentioned week due to a rise in crude inventories following a raise in U.S. oil exports and the resumption of production at Libya’s giant Sharara oilfield which was forced to shutdown.

EIA data about U.S. crude oil exports for the mentioned week showed that they hit a record-high of 1.98 million barrel per day. This is the highest weekly average since exports were once again allowed.

Iran had raised its light crude’s official October selling prices for Asia by $0.48 to set 50 cents above the Oman/Dubai average for the same month.

EF/MA