TEHRAN – The price of Iran’s light crude oil in the week ended on March 31 rose $1.21 to stand at $48.78 per barrel, IRNA reported.

Meanwhile, Iran sold its heavy crude oil at $49.17 per barrel in the mentioned week, up 54 cents from its preceding week.

The country’s heavy oil price was reported $51.71 on average since the beginning of 2017 until March 31.

Meanwhile, with 79 cents rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $49.45 per barrel in the mentioned week.

Last week Shana reported that the price for Iranian oil witnessed an almost $12 rise in the first half of the first Iranian calendar month Farvardin (March 21-April 4) compared to the same period last year.

Although oil markets have been experiencing some up and downs lately but due to the positive effects of the OPEC, non-OPEC pact, the current prices are still way higher than those of the same time last year.

EF/MA