Commodities
Iran's Light Crude Rallies Amid OPEC Deal Extension Speculation
Iran's light crude oil price surged $3.78, or 6.3%, to reach $63.82 per barrel in the week ending November 10. This marks a significant gain for Iran Heavy, one of the country's main export grades, which rose $2.82, or 4.7% to $60.15 per barrel.
OPEC's monthly report published on November 13 revealed that Iran Heavy traded up 3.9% in October from the previous month to $50.08 per barrel.
The price of OPEC's basket of 14 crudes stood at $59.98 a barrel on Thursday, compared with $59.79 the previous day, according to the latest OPEC Secretariat calculations. This price stability is attributed to increasing speculations that OPEC and non-OPEC producers will reach consensus to extend the deal.