OPEC crude price continues record-breaking climb

Business Materials 22 April 2008 13:46 (UTC +04:00)

(dpa) - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) started the week with a new record high of 108.93 dollars, OPEC said on Tuesday.

One barrel of crude from OPEC's 13-brand reference basket stood at 108.93 dollars on Monday, up 1.18 dollars from Friday, the Vienna-based OPEC secretariat said.

OPEC officials maintain that there are adequate crude supplies and that the current price rally is decoupled from market fundamentals. Hiking up production quotas was not necessary.

Prices were mainly driven by the continued weakness of the US dollar, analysts said.