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OPEC oil price crosses $90 threshold


Vienna : The price of crude oil produced by the Organisation of Petroleum Exporting Countries (OPEC) crossed $90 for the first time Wednesday, according to a statement by the OPEC secretariat here Thursday.

One barrel (159 litres) of crude produced in the 12 OPEC member states cost $90.71 Wednesday, the secretariat said, a marked increase from $89.13 the previous day.

According to Vienna-based OPEC analysts, there have been no indications that the organisation considers further output increases above the 500,000-barrel production increase in force since Nov 1.

OPEC members believe a large share of the most recent price rally is due to speculation.