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Iran's crude traded for 50.43 dollars per barrel on average

Tehran, Nov 19, IRNA-Average price for each barrel of Iran's exported crude declined to 50.43 dollars a barrel on November 16 from dlrs 50.79 a barrel on November 14.

Each barrel of Iran's exported crude destined to Asia, Northwest Europe, Mediterranean, and South Africa fell on November 16, according to the website of National Iranian Oil Company's (NIOC) International Affairs Department.

According to the report, each barrel of Iran's light crude delivered on the fob of Suez Canal's mouth on November 16 was sold for dlrs 51.88, down 18 cents compared to November 14.

Yet, oil prices started rising on the global markets following reports on unprecedented fall in the US inventories.

Dealers were reportedly shocked by the 2.2 million barrels decrease in the US inventories, which are about 34 million barrels more than that in the same period the previous year.

The OPEC monthly report on market's growing dependence on the cartel's crude in the last quarter of 2005, had been much effective in price rises on November 15.

Furthermore, predictions on entry of a front of cold weather to northeast America, which is not clear how long would last, have added to market concerns over shortage of the thermal fuel and distillation products' reserves.

... Payvand News - 11/19/05 ... --

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