OPEC oil price breaks 80-dollar barrier

The oil price of the Organisation of the Petroleum Exporting Countries (OPEC) climbed above 80 dollars towards the end of week, the Vienna-based cartel announced Friday, DPA reported.

OPEC's basket price was above 80 dollars for the first time since October 2008. It stood at 80.12 dollars per barrel (159 litres) on Thursday, 0.48 dollars higher than on the previous day.

However, the benchmark oil brand West Texas Intermediary lost ground on Thursday and also traded lower on Friday in New York at 82.56 dollars shortly before 1200 GMT.

These decreases were mainly due to worries about slower economic growth in China, as there are signs that Beijing will tighten its monetary policy, analysts at JBC Energy said in Vienna.

OPEC has forecast that oil demand in 2010 depends largely on increases in China and the Middle East.