The oil price of the Organization of the Petroleum Exporting Countries (OPEC) rose above the 70-dollar mark at mid-week, the group announced Thursday, DPA reported.
The cartel's basket price climbed to 70.78 dollars per barrel (159 litres) on Wednesday, 1.02 dollars higher than on the previous day.
A stronger demand forecast by the US Energy Department, as well as record snowfall on the east coast of the United States pushed up oil prices, while the prospect for a rescue plan for Greece's economy also added momentum, analysts at JBC Energy said in Vienna.
OPEC's 12 member countries produce 34 per cent of global oil supplies.