The price of crude oil from the Organization of the Petroleum Exporting Countries (OPEC) surged on Tuesday to $77.88, the highest level in 2009, it was announced on Wednesday from the cartel’s headquarters in Vienna. On Tuesday, the price of the OPEC reference basket of oil reached $77.88 per barrel, due to easing concerns related to the state-owned company of the emirate of Dubai, Dubai World.
This is an increase of $1.67 per barrel from $76.21, the price of OPEC oil on Monday, and in line with the rise in stock markets influenced by news that the troubled Dubai World group has begun restructuring negotiations. OPEC’s 12 member countries account for more than a third of the world’s oil production. (H)
