OPEC crude price soars above $135

June 30th, 2008 - 6:20 pm ICT by IANS  

Vienna, June 30 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) soared to new heights last Friday when it rose above $135, data released by OPEC Monday showed. One barrel (159 litres) of OPEC-produced crude stood at $135.31 Thursday, up by $4.54 from $130.77 the previous day.

According to analysts at Vienna-based JCB Energy, factors contributing to the price jump were Libyan statements that it might consider supply reductions, and the announcement by OPEC president Chakib Khelil Thursday that crude prices might rise to $150 or $170 this summer.

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

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