Vienna, Dec 14 (DPA) The oil price of the Organization of Petroleum Exporting Countries (OPEC) slid to $70.85 at the end of last week, the group reported Monday.
The average price for OPEC-produced oil shed 58 cents Friday.
The recent downward movement in international oil markets was due to a number of economic factors, including negative demand figures for gas oil and petrol, analysts at J.B.C. Energy wrote in Vienna.
The analysts cited “bearish economic headlines, renewed turbulence in financial markets and a strengthening dollar” as additional factors.
OPEC’s 12-member countries produce more than a third of the world’s crude oil.
