OPEC crude price falls to lowest level in five months
Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has plunged to its lowest level since early April, according to OPEC data released on Wednesday.
One barrel (159 litres) of OPEC-produced crude stood at 103.40 dollars Tuesday, 6.62 dollars less than 110.02 dollars on the previous day.
Markets were affected by the fact that Hurricane Gustav had mostly spared oil facilities, as well as by the stronger US dollar against the euro, Vienna-based energy analysts JBC said.
The last time OPEC crude cost less was on April 9, when a barrel stood at 102.38 dollars.
OPEC calculates an average basket price based on 13 brands produced by cartel members.
Monday's basket price was revised downward from the initially published 110.32 dollars, OPEC said in a statement.
