OPEC crude price up at 102.38 dollars

Business Materials 10 April 2008 13:18 (UTC +04:00)

(dpa) - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to climb, OPEC said on Thursday.

On Wednesday, one barrel (159 litres) of OPEC-produced crude stood at 102.38 dollars, up 0.49 dollars from the previous day.

OPEC crude followed international bullish trends by nearing its all-time high of 102.88 dollars reached on March 14. Crude and product futures were strong, with WTI shortly peaking on the Nymex at 112.21 dollars per barrel.

Vienna-based JBC analysts expect prices to remain high, strengthened by the upcoming hurricane season in the Atlantic.

OPEC calculates an average basket price derived from 13 brands produced by its member states. The cartel is responsible for about 40 per cent of the global crude output.