OPEC ‘basket’ price crosses $90 mark

Vienna, November 8:

OPEC’s basket price of crude, based on production in 12 different states has passed $90 mark for the first time.

The daily basket price rose to $90.71 yesterday from $89.13 the previous day, OPEC said. The basket price, which is always published with a 24-hour delay and serves as the reference price for output policies of the OPEC, has been steadily rising over the past week. On October 29, it first passed the $85 mark, jumping to a record $86.05 from $84.94 the previous day. Yesterday, New York’s main contract, light sweet crude for December delivery, hit a historic high of $98.62 per barrel while Brent North Sea crude reached a record $95.19.