OPEC oil price jumps $2.45
February 27th, 2009 - 6:47 pm ICT by IANSVienna, Feb 27 (DPA) The price for oil produced by the Organization of the Petroleum Exporting Countries shot up by $2.45 Thursday, as oil and gasoline stocks in the US were seen to be lower than expected.
The price of one barrel (159 litres) of OPEC-produced crude stood at $42.95 Thursday, the Vienna-based cartel announced Friday.
Oil prices continued to rise on Wednesday’s news that US crude oil stocks had fallen for the second week and that petrol stocks were also down, commodity analyst Carsten Fritsch at Commerzbank said in Frankfurt.
This development was related to OPEC’s recent production cuts, Fritsch said: “One can make the interpretation that it is slowly starting to show an effect.”
OPEC calculates a basket price based on 12 brands produced by its members.
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- OPEC oil price rises above $70 - Jun 19, 2009
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- OPEC oil price inches towards $44 mark - Mar 06, 2009
- OPEC crude rises to $41.31 per barrel - Jan 15, 2009
- OPEC oil price drops to 41.52 - Feb 04, 2009
- OPEC oil price rises above $44 - Mar 11, 2009
- OPEC oil price inches above $42 - Feb 02, 2009
- OPEC oil price falls slightly to $43.15 - Mar 09, 2009
- OPEC oil price slides to $68.86 - Feb 09, 2010
- OPEC oil price climbs to $40.50 - Feb 26, 2009
- OPEC oil price dips below $40 - Jan 21, 2009
- OPEC oil price gains over $2 - Mar 05, 2009
- OPEC delegates to keep oil output steady - Sep 09, 2009
- OPEC oil price sheds $1.64 - Jan 20, 2009
Tags: carsten, commerzbank, commodity, crude oil stocks, frankfurt, fritsch, gasoline stocks, oil prices, opec, opec oil price, organization of the petroleum exporting countries, petroleum exporting countries, vienna based cartel
