OPEC crude rises to 92.64 dollars

Business Materials 20 February 2008 13:30 (UTC +04:00)

(dpa) - Oil produced by the Organization of the Petroleum Exporting Countries (OPEC) followed international upwards trends on Tuesday, rising by 1.26 dollars the OPEC Secretariat said on Wednesday.

The price for one barrel (159 litres) of OPEC-produced crudes stood at 92.64 dollars on Tuesday, compared to 91.38 dollars the previous day.

On Tuesday, US-oil futures for the first time crossed 100.10 dollars before settling at 100.01 dollars, amid fears that OPEC was to cut production in its upcoming March 5 meeting, as demanded by OPEC members Algeria and Iran.

Adding to those bullish factors were worries over the supplies of OPEC members Venezuela and Nigeria, as well as the dollar dropping by 0.2 per cent against a basket of major currencies to a two-week low, Vienna-based analysts JCB said.