TEHRAN- Iran’s light crude oil price rose $1.8 in the week ended on January 5 to settle at $67.57 per barrel, Shana news agency reported on Saturday.

The country’s light oil price was reported $64.57 on average since the beginning of 2018.

Meanwhile, the country’s heavy crude oil also experienced a $1.4 growth in the said week to settle at $64.38 per barrel. 

In the mentioned week, Organization of the Petroleum Exporting Countries (OPEC)’s basket price stood at $65.49 per barrel with $1.5 increase compared to the preceding week.

Analysts and traders warned about the risks of a price correction since the start of 2018, but they say overall market conditions remain strong, mainly due to output cuts led by the Organization of the Petroleum Exporting Countries and Russia, Reuters reported. 

In addition to the OPEC and non-OPEC production cuts of 1.8 million barrels per day (bpd) that are expected to last until the end of 2018, oil prices have found support from eight consecutive weeks of U.S. crude inventory drops.

A market survey of more than 1,000 energy professionals conducted by Reuters in January showed crude price expectations in a range of $60 to $70 per barrel for 2018.

MA