OPEC daily basket price reaches new historic high at 74.21 usd/barrel |
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Published
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Thu, 13 Sep 2007 10:33
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VIENNA (Thomson Financial) - The price of the OPEC basket of twelve crudes reached a new record Wednesday, hitting 74.21 usd a barrel, compared with 73.13 dollars on Tuesday, OPEC said today in a statement.Yesterday's price signals a new record since it rose to 73.67 usd on July 20, the oil-producing cartel said.The increase comes despite OPEC'S announcement on Tuesday that it would be raising production by 500,000 barrels per day from November 1 in response to nervous markets connected specifically to low US stocks.OPEC'S production increase has generally been judged as too small and yesterday world oil prices rose to new record.On Wednesday, the price for light sweet crude in New York crossed the 80 usd threshold for the first time, with the contract for October delivery peaking at 80.18 usd before closing at 79.91 usd.tf.TFN-Europe_newsdesk@thomson.comjlw/rfw/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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OPEC has set unofficial target price of 70 usd per barrel for oil - IEA 