THE price of OPEC’s basket of seven crudes rose further to a year high of $31.37. That left the price above the group’s target $22-$28 price band for the twelfth consecutive working day. Under an informal mechanism agreed between OPEC producers in June, if the basket stays above the $22-$28 band for 20 working days or below the range for 10 working days, crude production will be adjusted by 500,000 barrels a day, either way, to try to bring the price back into the range. – Reuters