OPEC Daily Basket Price Reaches New Historic High

The price of the OPEC basket of twelve crudes reached a new record Wednesday, hitting $74.21 a barrel, compared with $73.13 on Tuesday, OPEC said today in a statement.

Yesterday's price signals a new record since it rose to $73.67 on July 20, the oil-producing cartel said.

The increase comes despite OPEC'S announcement on Tuesday that it would be raising production by 500,000 barrels per day from November 1 in response to nervous markets connected specifically to low U.S. stocks.

OPEC'S production increase has generally been judged as too small and yesterday world oil prices rose to new record.

On Wednesday, the price for light sweet crude in New York crossed the $80 threshold for the first time, with the contract for October delivery peaking at $80.18 before closing at $79.91.

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