The price of crude oil of the Organization of Petroleum Exporting Countries (OPEC) has risen to a record 90.71 U.S. dollars per barrel, breaking the 90-dollar barrier for the first time, the Vienna-based oil cartel said Thursday.
The price has been steadily rising all week by at least one dollar a day. The price rose to 90.71 dollars on Wednesday from 89.13 dollars the previous day, and it was 88.13 on Monday, according to data released by the OPEC Secretariat.
Although OPEC decided at the ministerial conference in September to increase crude oil output by 500,000 barrels per day from Nov. 1, the impact on oil prices would need several weeks to take effect.
There have been no indications that the organization considers further daily output increases, according to analysts.
OPEC members believe the reason for the recent fast rise in oil prices is due to speculation, according to earlier reports.
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