Vienna - The price for crudes produced by the Organization of Petroleum Exporting Countries is continuing to rise to new record highs, OPEC said Thursday. The cartel said that on Wednesday, prices rose 69 cents to 76.51 dollars per barrel. Oil prices climbed steadily on Tuesday and Wendesday, with only a slight slump at the beginning of this week after record highs last week.
The price hike came despite OPEC agreeing last week to increase production by a modest 500,000 barrels per day, starting from November 1. Experts believe this is far from sufficient for stopping the upward trend in oil prices.
OPEC calculates an average from twelve different crudes produced by cartel members.
