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OPEC barrel trades at $118.6, the highest price in nine months

The price of a barrel of OPEC crude oil traded at $118.6 a barrel on Friday, 0.4 per cent higher than the previous day, marking the highest since May 2011, the oil group said in Vienna.

The prospect of the Eurogroup finally releasing the second bailout for Greece today and the danger of cuts in Iran's crude oil supply due to its tensions with the West pushed up prices of "black gold".

With this new appreciation, the average price of OPEC crude oil in February is now 115.17 dollars per barrel, 3 per cent more than in January. EFECOM

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