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Iran's Light Crude Hits $54

Iran's Light Crude Hits $54Iran's Light Crude Hits $54

Iran's light crude extended its rally to $54 per barrel in the week to September 15 along with a global upturn in oil market. The light grade rose by $1.60 to $54.01 a barrel in the week.

Iran Heavy, one of the country's main export grades, settled at $51.60 a barrel, up 91 cents from the previous week, Shana reported on Saturday, citing a report by the Oil Ministry. Iranian crude has averaged $49.31 a barrel in 2017.

The upward trend comes as global oil benchmark Brent was close to $57 a barrel on Friday, holding firm at five-month high. The price of the Organization of Petroleum Countries' basket of 14 crudes stood at $54.59 a barrel on Thursday, compared with $54.06 the previous day, according to OPEC Secretariat calculations.

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