TEHRAN- Iran’s light crude oil price fell $3.18 in the week ended on February 9 to settle at $63.14 per barrel, Shana reported on Saturday.

The country’s light oil price was reported $67.27 on average since the beginning of 2018 until February 9.

Iran’s heavy crude oil also experienced a $3.3 fall in the said week to settle at $62.80 per barrel.

The country has sold heavy crude at $65.33 on average since the beginning of 2018 until the mentioned date.

During the said week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $63.81 per barrel with $3.06 decrease compared to the preceding week.

Oil fell in the mentioned week as the U.S. dollar rose to its highest in more than a week in the wake of a sharp sell-off early that week on Wall Street and other stock markets, Reuters reported.

With OPEC-led supply cuts supporting prices, but rising U.S. production capping crude, many analysts see markets balanced in 2018 and 2019, with Brent in a $50-$60 range.

EF/MA