OPEC crude price up by 84 cents
( dpa ) - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) started to rise again after a week-long slide, OPEC said on Thursday,
On Wednesday, the price of OPEC's basket of twelve crudes stood at 84.68 dollars a barrel ( 159 litres) on Wednesday, compared with 83.84 dollars the previous day, according to OPEC Secretariat calculations.
Oil markets are anxiously waiting for OPEC's upcoming meeting on February 1 in Vienna and possible decisions on output increases, Vienna-based analysts PVM said.
However, oil ministers from Qatar and Libya, two OPEC members, stated on Tuesday that they saw no need for a rise in production. Prices were not pushed higher by a lack of supply as the most recent price drop showed, they said.
OPEC calculates an average basket price based on twelve brands produced by cartel members.