OPEC crude price continues to climb

April 10th, 2008 - 4:49 pm ICT by admin  

Vienna, April 10 (DPA) The price for crud produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to climb, OPEC said Thursday. On Wednesday, one barrel (159 litres) of OPEC-produced crude stood at $102.38, up $0.49 dollars from the previous day.

OPEC crude followed international bullish trends by nearing its all-time high of $102.88 reached March 14. Crude and product futures were strong, with West Texas Intermediate (WTI) posted oil price shortly peaking on the New York Mercantile Exchange (Nymex) at $112.21 dollar per barrel.

Vienna-based analysts expect prices to remain high, strengthened by the upcoming hurricane season in the Atlantic.

OPEC calculates an average basket price derived from 13 brands produced by its member states. The cartel is responsible for about 40 percent of the global crude output.

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