OPEC crude price plunges by nearly $5

July 17th, 2008 - 3:56 pm ICT by IANS  

Vienna, July 17 (DPA) The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by nearly $5 Wednesday, according to a statement by OPEC Thursday. One barrel (159 litres) of OPEC-produced crude stood at $133.09 Wednesday, $4.91 lower than $138 the previous day.

Crude prices fell Thursday as United States inventory data showed larger than expected increases in stocks of crude and oil products, Vienna-based analysts JBC said.

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

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