TEHRAN- Iran’s light crude oil price rose $1.68 in the week ended on April 20 to reach its highest record in 2018.

The Iranian light crude price settled at $69.79 per barrel in the mentioned week, IRNA reported on Saturday.

The country’s light oil price was reported $65.39 on average since the beginning of 2018 until April 20.

Iran’s heavy crude oil also experienced a $1.89 rise in the said week to settle at $67.56 per barrel.

The country has sold heavy crude at $63.88 on average since the beginning of 2018 until the mentioned date.

During the said week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $69.50 per barrel with $1.83 increase compared to the preceding week.

Oil prices rose to late 2014 highs in the mentioned week, buoyed as U.S. crude inventories declined and as expectations rose that Saudi Arabia would keep withholding supply to prop up the market.

EF/MA