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OPEC basket hits all-time high but prices ease midweek

THE Organisation of the Petroleum Exporting Countries’ average crude oil price soared to an all-time high of $US68.40 per barrel this week, according to the cartel’s secretariat. The record was reached on Tuesday and was $1.03/bbl higher than the previous record set on April 24.

OPEC basket hits all-time high but prices ease midweek

Saudi Arabian Petroleum and Mineral Resources Minister Ali al-Naimi said on Monday that OPEC currently had no upper limit for crude oil output, and the kingdom still had spare capacity for 2 million barrels...

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