OPEC crude price plunges by nearly $5July 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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Tags: cartel, crude oil, crude price, crude prices, inventory data, july 17, oil products, opec, organization of the petroleum exporting countries, petroleum exporting countries, stocks, united states, vienna