OPEC oil price rebounds to 78.08 dollars

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) regained some recent losses and reached 78.08 dollars at the start of the week, the group said Tuesday, DPA reported.

The cartel's basket price climbed 1.67 dollars per barrel (159 litres) on Monday, as stock and commodity markets reacted positively to the decision by EU countries on a huge financial safety net to protect the euro.

Uncertainty over the European currency and debt crisis had sent OPEC's crude oil price down 7.72 dollars last week.

The 12-country organization was scheduled to issue its latest monthly oil market report later on Tuesday.