The weekly average price of the Organization of Petroleum Exporting Countries dropped again last week, down 1.87 U.S. dollars to 71.44 dollars per barrel, the Vienna-based cartel said Monday.
OPEC's weekly oil price has dropped for two consecutive weeks. Last Monday's price followed the declining trend of the previous weekend, reaching its lowest point of 70.64 dollars per barrel since Oct.12.
The fall was followed by an increase in oil prices for the next two days, rising to 72.17 dollars a barrel last Wednesday. The price later
declined again, closing at 71.78 dollars last week.
A rebound in oil prices last week was attributed to the entrance of Iranian troops into a disputed oil region in Iraq, which caused tensions
between the two major oil-exporting countries.
Additionally, cold weather in the United States and Europe led to an increase in oil consumption.
However, an adequate supply on the oil market, high inventory and a rebound in the exchange rate of the dollar continued to restrain oil prices.
Oil ministers of OPEC countries were not expected to change output quotas at their meeting Tuesday in Angola, as most OPEC members are
satisfied with current oil price levels.
Since the beginning of this year, the OPEC oil price has constantly increased from about 36 dollars a barrel to more than 70 dollars.
