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Iran`s light crude oil rally fizzled in the week to October 6 after breaking the $57-per-barrel mark last month. its highest level in the year.
The light crude settled down $1.69 at $55.31 per barrel in the week and Iran Heavy. one of the country`s main export grades. fell $1.26. or 2.3% to $53.27 per barrel in the week. IRNA reported on Saturday. citing a report by the Oil Ministry.
In its latest monthly report published last week. calculations by OPEC showed the price of Iran`s heavy crude rose 7.3% to $52.27 a barrel in September from the previous month.
The price of OPEC basket of 14 crudes stood at $54.44 a barrel on Thursday. compared with $54.54 the previous day. according to the latest OPEC Secretariat calculations.
Oil prices were buoyed in recent weeks by shutdowns in US refineries as well as Turkey`s threat to cut off oil flow from Iraq`s Kurdistan region. However. gains were limited as most US refineries continue to come back on stream following a string of hurricanes that swept the US oil heartland in recent weeks.
Additional supplies by Africa`s top producer Nigeria and Libya. the country with the largest oil reserves in the continent. weighed on global prices. The OPEC members` combined output increased by 104.000 barrels per day to 2.77 million bpd in September.
International benchmark Brent futures gained 92 cents. or 1.6%. to settle at $57.17 a barrel on Friday. while US West Texas Intermediate crude rose 85 cents. or 1.7%. to settle at $51.45 per barrel.
An initiative that involves more than two dozen oil producing nations to cut supplies through the first quarter of 2018 has helped prices remain in the range of $45-55 for the best part of the year. However. that is a long shot from three years ago when oil traded above $100 a barrel.
