Falling OPEC crude price nears $120 mark

July 31st, 2008 - 5:02 pm ICT by IANS  

Vienna, July 31 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell by almost a dollar Wednesday but stayed above $120 a barrel, OPEC said Thursday. One barrel (159 litres) of OPEC-produced crude stood at $120.88 Wednesday, $0.85 less than $121.73 on the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.

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