TEHRAN – The price of Iran’s light crude oil in the week ended on November 10 rose $3.78 to stand at $63.82 per barrel, Shana reported on Sunday.

The country’s light oil price was reported $50.79 on average since the beginning of 2017 until November 10.

According to the report, Iran sold its heavy crude oil at $60.15 per barrel in the mentioned week, up $2.82 from its preceding week.

Meanwhile, with $2.94 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $61.66 per barrel in the said week.

As Reuters reported, Oil prices surged in the mentioned week supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia.

Oil prices rose in that week after data suggested drilling in the United States would throttle back supporting the signs that global supply glut is receding.

Traders believe prices got a boost from unconfirmed rumors that Saudi King Salman would relinquish the throne to his son Crown Prince Mohammed Bin Salman. Similar rumors were spread in September and October.

EF/MA