OPEC crude oil price plunges five-month low

September 3rd, 2008 - 5:15 pm ICT by IANS  

Vienna, Sep 3 (DPA) The price for crude oil produced by the Organisation of Petroleum Exporting Countries (OPEC) has plunged to its lowest level since early April, according to OPEC data released Wednesday.One barrel (159 litres) of OPEC-produced crude stood at $103.40 Tuesday, $6.62 less than $110.02 on the previous day.

Markets were affected by the fact that Hurricane Gustav had mostly spared oil facilities, as well as by the stronger US dollar against the euro, Vienna-based energy analysts JBC said.

The last time OPEC crude cost less was on April 9, when a barrel stood at $102.38.

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

Monday’s basket price was revised downward from the initially published $110.32, OPEC said in a statement.

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