Vienna - The oil price of the Organization of the Petroleum Exporting Countries (OPEC) continued to hover above 70 dollars on Friday, the Vienna-based group reported Monday.

The basket price for one barrel (159 litres) of OPEC-produced crude climbed to 70.27 dollars, one cent lower than the previous day. OPEC analysts attribute the recent rise in price to speculation.

The cartel's 12 member countries produce over a third of global crude oil supplies. (dpa)