OPEC crude price rises

October 30th, 2008 - 7:04 pm ICT by IANS  

Vienna, Oct 30 (DPA) The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by $2.23 Wednesday, as the weaker dollar buoyed oil markets, according to data released by OPEC on Thursday.One barrel (159 litres) of OPEC crude stood at $58.13 Wednesday, up from $55.90 on the previous day.

The oil price rebounded as interest-rate cuts in the United States and China on Wednesday led to a depreciation of the dollar, Vienna-based analysts JBC Energy said.

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

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