OPEC crude price inches up towards $119 mark

May 16th, 2008 - 3:47 pm ICT by admin  

Vienna, May 16 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) climbed 18 cents Thursday, OPEC said Friday. One barrel (159 litres) of crude from OPEC’s reference basket stood at $118.95 Thursday, compared to $118.78 the previous day.

In its latest monthly oil market report, released Thursday, OPEC revised its 2008 demand growth forecast down by 40,000 barrels per day to 1.16 million barrels per day.

The 13-member cartel is responsible for about 40 percent of the global crude output.

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