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Iran Crude Prices Ease
Iran Crude Prices Ease

Iran Crude Prices Ease

Iran Crude Prices Ease

The price of Iran's crude oil eased off from its recent rally in the week to January 6, amid uncertainties on whether a planned supply cut by OPEC and non-OPEC countries would be enough to lift faltering prices.

Iran's light crude settled down 9 cents at $53.22 per barrel with its heavy crude trading down 20 cents to $52.84 in the week, Shana reported on Saturday, citing a report by the Oil Ministry.

Both crudes have firmly held above $52 a barrel this year, faring far better than the average price of $41 a barrel for light crude and $39.19 for heavy oil in 2016.

The price of OPEC's basket of 13 crudes stood at $52.30 a barrel on Thursday, the 13-member organization said in a statement.

Oil prices fell on Friday, the week's last trading day, on doubts over the extent of supply cuts and concerns over demand for crude oil by the world's second-largest oil consumer China.

Brent crude futures, the international benchmark for oil prices, traded down 58 cents, or 1%, at $55.43 a barrel on Friday. Brent has gained more than 20% since OPEC members reached a deal in Vienna on Nov. 30 to erode their collective output by around 1.2 million barrels per day. US West Texas Intermediate crude futures settled down 64 cents, or 1.2%, to $52.37.

Khalid al-Falih, Saudi energy minister, said the country's crude output has be cut to below 10 million bpd, but Frankfurt-based Commerzbank AG said “these claims cannot be verified,” casting doubt on whether producers can be trusted with their own production figures.

 

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