OPEC crude price crosses 90-dollar-mark

Business Materials 15 February 2008 14:20 (UTC +04:00)

(dpa) - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) climbed above the 90-dollar-threshold for the first time since mid-January, OPEC said on Friday.

According to OPEC calculations, one barrel (159 litres) of OPEC-produce crude stood at 90.79 dollars on Thursday, up 1.14 dollars from the previous day.

Prices are buoyed by Venezuela's continued struggle with US oil company ExxonMobil over compensation claims owed to the company over the seizure and nationalization of Exxon assets in the country, analysts said.

Venezuela minimized compensation claims, saying Exxon's stake in its Cerro Negro heavy oil project was worth only 1.2 billion dollars, one-tenth of Exxon's demands.