Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by 2.23 dollars Wednesday, as the weaker dollar buoyed oil markets, according to data released by OPEC on Thursday.

One barrel (159 litres) of OPEC crude stood at 58.13 dollars on Wednesday, up from 55.90 dollars on the previous day.

The oil price rebounded as interest-rate cuts in the United States and China on Wednesday led to a depreciation of the dollar, Vienna-based analysts JBC Energy said.

OPEC calculates an average basket price based on 13 important brands produced by its members. (dpa)