OPEC weekly oil price slightly descend

08:24, March 23, 2010      

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The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) slightly dropped to 77.24 U.S. dollars per barrel last week from 77.71 dollars of the previous week, the Vienna-based oil cartel said Monday.

The fall came after a lasting price rise for four consecutive weeks.

Early this year, the OPEC weekly oil price once got close to 80 dollars per barrel. But the price fell to as low as 70.55 dollars in the second week of February. Afterwards, the price rebounded to 77.71 dollars.

The cartel decided Wednesday to let its oil production quota unchanged. But OPEC oil prices declined from 78.25 dollars per barrel on that day to 77.18 dollars Friday.

Analysts say the international crude oil market shows relative equilibrium in supply and demand currently.

The U.S. dollar exchange rate, the Greek debt crisis and the possible application of tight monetary policy in some countries may be major factors to affect international oil prices in the coming weeks, they say.

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