The oil price of the Organization of the Petroleum Exporting Countries (OPEC) dropped to 77.15 dollars at mid-week, the group announced Thursday, as markets reacted to rising US oil reserves, DPA reported.
The price for one barrel (159 litres) of OPEC-produced crude oil fell by 1.93 dollars on Wednesday.
According to the latest US Energy Department figures, crude oil stocks rose by 3.7 million barrels, and gasoline stocks by 3.8 million barrels.
OPEC's 12 member countries produce more than a third of the world's oil.
OPEC oil price falls to 77.15 dollars
See Also:
- OPEC: World oil demand growth to be weaker than expected due to economic concerns
- IEA revises down forecast on global oil demand
- OPEC downgrades forecast for Kazakhstan's oil production
- OPEC expects Azerbaijan’s oil production at 0.99 mln bpd in 2012
- JP Morgan: Global oil demand growth to be moderate in first half of 2012
