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OPEC weekly oil prices keep falling

(Xinhua)
Updated: 2008-10-27 21:17

VIENNA -- The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to US$61.53 per barrel (dpb) last week, the lowest price since the end of March 2007, the Vienna-based cartel said Monday.

Related readings:  Oil trades around $63 despite OPEC's pruduction cut  Oil tumbles as recession fear outweighs OPEC output cut  Oil edges up after sharp fall; eyes on OPEC  Oil falls below $70 in Asia on US recession fears

Market analysts say that in addition to weak demand, the recent evident appreciation of the US dollar is another important factor for the dive in the dollar-quoted international oil prices.

OPEC decided to slash daily production by 1.5 million barrels at Friday's emergency meeting in a bid to maintain prices, saying further cuts are possible if the Friday attempt fails.

International oil prices continued to fall after OPEC's Friday meeting.

According to some analysts, the ongoing downturn in the global stock markets, which are a barometer of the economy in the eyes of crude oil dealers, is playing a major role in pushing down oil prices and rendering OPEC's actions largely ineffective.

Other analysts said OPEC's output decrease Friday was too small.