Iran Crude Price Rises

Iran Crude Price RisesIran Crude Price Rises

Following the rise of international oil benchmarks in the week to March 2, Iran's light crude gained $2.43 to reach $62.39 per barrel in the period, marking its first increase after a one-month slide.

Iran's average light crude price stood at $65.72 this year, Shana reported.

Iran Heavy, one of the country's main grades for export, upped $1.64 to $61.73.

International oil prices rose on Monday ahead of a meeting between OPEC and US shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut.

International benchmark Brent crude moved up 19 cents, or 0.3 %, at $64.56 a barrel.

US West Texas Intermediate crude oil rose 17 cents, or 0.28%, to $61.42 per barrel.

 “OPEC and non-OPEC alliance remain at record high compliance, but with Russia continually pressuring for an exit strategy, OPEC will look to offer an olive branch to US shale,” said Stephen Innes, the head of trading for the Asia-Pacific region at futures brokerage OANDA in Singapore.

“As such, we should interpret any positive developments from the meeting as support for the underlying oil price sentiment.”

Suhail Mohamed Al Mazrouel, the UAE oil minister and OPEC’s current president, said on Sunday OPEC has not discussed rolling over production cuts until next year.

Rising US shale oil production has been a drag on OPEC’s commitment to erode a prolonged global oil glut and prop up prices.

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