VIENNA, Dec. 3 (Xinhua) -- After soaring above 90 U.S. dollars per barrel in the previous week, the weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 88.78 dollars per barrel last week, the Vienna-based cartel said Monday.
Last week, OPEC's daily average oil prices went against the current trend, sharply dropping 5.93 dollars to 85.91 dollars per barrel after hitting a record high of 91.84 dollars.
Market analysts said expectations that there will be an output increase at Dec. 5's OPEC ministerial conference in Abu Dhabi, capital of the United Arab Emirates, were the main driver of falling oil prices.
However, one analyst said that the 500,000-barrel daily output increase by the cartel on Nov.1 had begun to make an impact on the international oil market, easing the strong demand.
Other analysts pointed out that an output increase remained uncertain, as a number of OPEC officials have recently spoken against such a move.
Last week, OPEC's daily average oil prices went against the current trend, sharply dropping 5.93 dollars to 85.91 dollars per barrel after hitting a record high of 91.84 dollars.
Market analysts said expectations that there will be an output increase at Dec. 5's OPEC ministerial conference in Abu Dhabi, capital of the United Arab Emirates, were the main driver of falling oil prices.
However, one analyst said that the 500,000-barrel daily output increase by the cartel on Nov.1 had begun to make an impact on the international oil market, easing the strong demand.
Other analysts pointed out that an output increase remained uncertain, as a number of OPEC officials have recently spoken against such a move.
