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OPEC crude price moves below 110 euros

Mohit Joshi 13 August 2008

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has dropped below 110 euros per barrel, OPEC announced on Wednesday.

One barrel (159 litres) of OPEC-produced crude stood at 109.09 dollars Tuesday, 2.19 dollars lower than the 111.27 dollars recorded on the previous day.

The price drop came on the same day that the International Energy Agency (IEA) reported oil production by OPEC countries in July had increased by 145,000 barrels to
32.8 million barrels a day. Worldwide, July saw a boost by 890,000 to 87.8 million barrels per day.

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

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