Opec oil tops record high of $106.65


The price of oil produced by Opec countries hit a record high of $106.65 per barrel, the cartel said on Thursday.

Opec's daily basket price, which is always published with a 24-hour delay and serves as the reference price for the Organisation of Petroleum Exporting Countries, rose to $106.65 on Wednesday from $105.73 the previous day, the cartel said in a statement.

The basket comprises 13 different crudes from all countries in the organisation, which produces about 40 per cent of global oil supplies.

The Opec price is tied to benchmark prices for light sweet crude oil, the highest quality crude, which are set on the main oil exchanges in London and New York.

In Asian trading on Thursday, oil prices held steady near record highs, buoyed by a decline in US energy reserves and a weakening dollar that attracted investors to commodities.

New York's main oil futures contract, light sweet crude for delivery in May, was four cents higher at $114.97 after a record close of $114.93 on the New York Mercantile Exchange on Wednesday. Prices later rose above $115 before slipping back. (AFP)