OPEC crude price increases slightly by mid-week

Business Materials 10 January 2008 13:12 (UTC +04:00)

( dpa ) - The price for crude oil produced by the Organization of Petroleum Exporting Countries (OPEC) inched slightly upwards by 36 cents by the middle of the week, ignoring the day's general trend of declining crude prices.

According to OPEC Secretariat calculations, the price for one barrel ( 159 litres) from the basket of twelve OPEC-produced crudes stood at 92.28 dollars on Wednesday, compared with 91.94 dollars the previous day.

Crude prices generally moved downwards on Friday, following larger than expected builds in key refined product inventories in the United States, but ignored a huge drop in crude inventories to their lowest level in three years, Vienna-based analysts PVM said.

The 13-member cartel calculated an average basket price derived from twelve important crudes produced by OPEC.