OPEC crude hits new record high

Business Materials 21 February 2008 13:00 (UTC +04:00)

(dpa) - Crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) hit a new all-time-high with 94.23 dollars, OPEC said on Tuesday.

The price for OPEC's average basket of twelve important brands produced by the cartel stood at 94.23 dollars on Wednesday, up 1.59 dollars from the previous day, OPEC said.

On January 3, OPEC crude prices peaked at 93.78 dollars. OPEC will hold its next regular meeting on March 5.

The latest price hike comes among fears of an OPEC decision on output cuts as demanded by OPEC members Iran and Algeria, and Venezuelan treats to halt supplies over a legal row with US oil company ExxonMobile.