VIENNA, March 25 -- The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) dropped slightly to 99.47 U.S. dollars per barrel (dpb) last week, the Vienna-based cartel said Tuesday.
Daily prices dropped for four trading days consecutively, from 101.41dpb Monday to 96.41 dpb Thursday and plummeted sharply by 3.56 U.S. dollars on a single trading day of March 20.
Experts said the slight drop in oil prices was mainly due to the regurgitations of the market and the impact of the U.S. economic recession.
Despite the drop, OPEC president, Algeria's Oil Minister ChakibKhelil said last Saturday that this year's oil prices would stay at high levels, fluctuating between 80 dpb and 110 dpb.
Daily prices dropped for four trading days consecutively, from 101.41dpb Monday to 96.41 dpb Thursday and plummeted sharply by 3.56 U.S. dollars on a single trading day of March 20.
Experts said the slight drop in oil prices was mainly due to the regurgitations of the market and the impact of the U.S. economic recession.
Despite the drop, OPEC president, Algeria's Oil Minister ChakibKhelil said last Saturday that this year's oil prices would stay at high levels, fluctuating between 80 dpb and 110 dpb.
