TEHRAN- Iran’s light crude oil price fell 50 cents in the week ended on October 13 to settle at $54.81 per barrel, Shana reported on Saturday.

Meanwhile, the country’s heavy crude oil experienced a three-cent rise in the said week to reach $53.30 per barrel.

In the mentioned week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $54.41 per barrel with three cents increase compared to the preceding week.

Oil prices were almost steady at the beginning of the said week as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate, according to Reuters.

However, the prices slipped on the weekend as U.S. fuel inventories rose and despite efforts by OPEC to cut production.

With OPEC-led supply cuts supporting prices, but rising U.S. production capping crude, many analysts see markets balanced in 2018 and 2019, with Brent in a $50-$60 range.

EF/MA