OPEC oil price rises to 84.36 dollars amid US oil spill fears

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) climbed to 84.36 dollars at the start of the week, the group said Tuesday, as uncertainty over the oil spill on the US Gulf coast drove up global markets, DPA reported.

The cartel's basket price of crude oil brands pumped in the Middle East, Africa and South America inched up 0.23 dollars per barrel (159 litres) on Monday.

In the worst case, the oil spill "could have severe consequences for the US domestic product supply and prices," analysts at JBC energy in Vienna said, as 42 per cent of the country's refining capacity is located in the Gulf coast region.