OPEC crude price rises by 1.60 dollars

Business Materials 1 August 2008 15:04 (UTC +04:00)

The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose 1.60 dollars on Thursday, OPEC said in a statement on Friday.

One barrel (159 litres) of OPEC-produced crude stood at 122.48 dollars Thursday, compared with 120.88 dollars on the previous day, reported dpa.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.