TEHRAN – The price of Iran’s light crude oil in the week ended on November 3 rose $2.59 to stand at $60.04 per barrel, IRIB reported on Sunday.

The country’s light oil price was reported $50.39 on average since the beginning of 2017 until November 3.
According to the report, Iran sold its heavy crude oil at $54.60 per barrel in the mentioned week, up $2.11 from its preceding week.

Meanwhile, with $2.39 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $58.73 per barrel in the said week.

Oil prices surged in the mentioned week as Saudi exports fell and solid demand soaked up some of what seen as an oversupplied market.

As Reuters reported, oil prices rose in the mentioned week after data suggested drilling in the United States would throttle back supporting the signs that global supply glut is receding.

Throughout the week, prices were also bolstered by rising global demand data and expectations that OPEC and other producing countries will extend a deal to cut output.

EF/MG