Iran's Heavy Crude Price Ticks Up

Iran's crude oil price movements were limited in the week to Oct. 13 with the country's heavy and light crudes moving in the opposite direction in weekly trade. Iran Heavy, the country's main export grade, traded up 3 cents to $53.30 a barrel while the light grade crude slipped 50 cents to $54.81 in the week, Shana reported on Saturday. The country has sold each barrel for an average of $49.93 a barrel so far this year but looks on track to break the $50 mark as OPEC members continue their push to extend a global supply cut deal from March 2018 to the end of next year. The price of OPEC basket of 14 crudes stood at $55.52 a barrel on Thursday, compared with $56.12 the previous day, according to OPEC Secretariat calculations.