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OPEC crude price close to 117 dollars

Sahil Nagpal 9 May 2008

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb towards the end of the week, OPEC said on Friday.

One barrel (159 litres) of crudes from OPEC's reference basket stood at 116.93 dollars on Thursday, up 90 cents from the previous day.

On Thursday, OPEC Secretary General Abdalla Salam el-Badri said current high prices were not connected to market fundamentals, as markets remained well supplied.

OPEC's Vienna-based secretariat calculates an average basket price based on 13 important brands produced by its member states. The 13-member cartel currently produces about 32 million barrels per day, which is 40 per cent of global crude output. (dpa)

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