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Prices of Iranian light crude reaches $68 per barrel

Iran’s light crude oil price increased by 1.80 cents and reached $67.57 per barrel in the week leading to January 5, Friday. The average price for Iran’s light crude oil has been 64.57 cents per barrel since the beginning of 2018.

Iran’s heavy crude oil went up by 1.40 cents per barrel during the said period and mounted to $64.38 cents. The average price for Iran’s heavy crude oil has been 64 dollars and 38 cents per barrel since the beginning of 2018.

The price of OPEC basket surged to $65.49 indicating an increase by 1.50 cents compared to the previous week.

Over the same period of time, WTI crude oil price increased by 1.36 cents and reached $61.36 per barrel and the Brent crude oil price rose by 2 dollars and 28 cents and was traded at 67.94 cents per barrel.

Dubai and Oman crude oil barrels were also traded at $64.71 and $64.99 respectively increasing by 93 cents and 1.50 cents.

Severe cold weather in the US and Asia which resulted in the rise in demands for crude oil from the refineries in the said regions is one of the most important reasons for the increase in oil prices this week. The decrease in crude oil production by 100 thousand barrels in Libya in the last week of December 2017 due to the pipeline explosion and difficulties in supplying electricity have also contributed to the increase.

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