New record high for OPEC crudes at 107.63 dollars

Business Materials 18 April 2008 13:55

(dpa) - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb, OPEC said on Friday.

One barrel (159 litres) of OPEC-crude stood at 107.63 dollars on Thursday, up 98 cents from the previous day. OPEC calculates an average basket price based on 13 brands produced by cartel members.

Responsible for the ongoing surge in prices is the continued weakness of the US dollar, the currency in which OPEC oil is sold, analysts said. The current high prices were not linked to the usual market fundamentals.