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OPEC crude price at record 114.75 dollars

Sahil Nagpal 7 May 2008

Vienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped to a new record high on Tuesday, the Vienna-based OPEC secretariat said on Wednesday.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 114.75 dollars on Tuesday, up 3.15 dollars from the previous day. On Monday, crude prices jumped by almost five dollars.

OPEC calculates an average basket price based on 13 important brands produced by its member states. The 13-member cartel is responsible for about 40 per cent of the global crude output. (dpa)

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