OPEC crude price under pressure mid-week

Business Materials 2 April 2008 14:12 (UTC +04:00)

(dpa) - The price for crude oil produced by the Organization of the Petroleum Exporting Countries continued its strong downward trend mid-week, OPEC said on Wednesday.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 95.75 dollars on Tuesday, down 2.88 dollars from the previous day.

Prices weakened in the wake of the dollar picking up against the euro and reports that Iraq's output flows were back to normal after problems in Basra were resolved.

OPEC, which is responsible for about 40 per cent of the global crude output, calculates an average basket price derived from 13 brands produced by cartel members.