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OPEC crude price plunges by nearly five dollars

Sahil Nagpal 17 July 2008

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by nearly five dollars on Wednesday, according to a statement by OPEC on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 133.09 dollars Wednesday, 4.91 dollars lower than 138 dollars on the previous day.

Crude prices fell Thursday as United States inventory data showed larger than expected increases in stocks of crude and oil products, Vienna-based analysts JBC said.

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

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