OPEC oil price surges above 110 USD

19:52, February 25, 2011      

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The daily oil price of the Organization of Petroleum Exporting Countries (OPEC) jumped 5.13 dollars, breaching 110 U.S. dollars a barrel, the Vienna-based cartel said on Friday.

OPEC's benchmark basket of 12 crude oils stood at 111.01 U.S. dollars a barrel on Thursday, a sharp increase compared with 105.88 dollars the previous day, according to OPEC Secretariat calculations.

With the unrest in the Middle East and North Africa, OPEC daily price was driven above 100 U.S. dollars per barrel on Monday and continued jumping as investors are increasingly worried about the interruption of oil supply from the oil-rich region.

Source: Xinhua
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