The oil price of the Organization of the Petroleum Exporting Countries (OPEC) rose above the 70-dollar mark at mid-week, the group announced Thursday, DPA reported.
The cartel's basket price climbed to 70.78 dollars per barrel (159 litres) on Wednesday, 1.02 dollars higher than on the previous day.
A stronger demand forecast by the US Energy Department, as well as record snowfall on the east coast of the United States pushed up oil prices, while the prospect for a rescue plan for Greece's economy also added momentum, analysts at JBC Energy said in Vienna.
OPEC's 12 member countries produce 34 per cent of global oil supplies.
OPEC oil price climbs above 70 dollars
See Also:
- OPEC: World oil demand growth to be weaker than expected due to economic concerns
- IEA revises down forecast on global oil demand
- OPEC downgrades forecast for Kazakhstan's oil production
- OPEC expects Azerbaijan’s oil production at 0.99 mln bpd in 2012
- JP Morgan: Global oil demand growth to be moderate in first half of 2012
