Rising OPEC oil price reaches 20-month high

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) climbed another 0.94 dollars at the end of last week to reach its highest level since July 2008, the group said Monday.

OPEC’s basket price rose to $111.42 per barrel (159 litres) on Friday, as violence between government forces and rebels in oil-rich Libya mounted.

Besides Libya, OPEC’s members include major producers Saudi Arabia and Iran, which have also seen some protests. Prices have risen amid fears that unrest could spread to those and other OPEC countries.