By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) started the week with a new record high of $108.93, OPEC said Tuesday.
One barrel of crude from OPEC’s 13-brand reference basket stood at $108.93 Monday, up $1.18 from Friday, the Vienna-based OPEC secretariat said.
OPEC officials maintain that there are adequate crude supplies and that the current price rally is decoupled from market fundamentals. Hiking up production quotas was not necessary.
Prices were mainly driven by the continued weakness of the US dollar, analysts said.
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