Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) finished above 112 dollars for the first time on Wednesday, OPEC said on Thursday.

One barrel (159 litres) of crudes from OPEC's 13-brand reference basket stood at 111.14 dollars on Wednesday, up 1.22 dollars from the previous day.

The cartel, which is responsible for about 40 per cent of the global crude production, calculates an average basket price based on 13 important brands produced by member states. (dpa)