Iran's Light Crude at $51

Iran's light crude oil traded at $51 per barrel in the week to August 25, up $1.24 in weekly trade.

The country's main exports grade, marketed as Iran Heavy, gained 96 cents to settle at $48.84 a barrel in the week, IRNA said on Sunday, citing a report by the Oil Ministry.

According to OPEC's latest monthly report published on August 10, Iran Heavy has averaged above $49 a barrel in 2017 compared to just above last year's average of $35 a barrel.

The price of OPEC basket of 14 crudes stood at $49.41 a barrel on Wednesday, compared with $49.51 the previous day, according to the latest OPEC Secretariat calculations.

source: Financial Tribune