The oil price of the Organization of the Petroleum Exporting Countries (OPEC) slid below the 75-dollar mark towards the end of the week, the group said Friday, as markets reacted to news about low US oil demand, DPA reported.
OPEC's basket price fell to 74.54 dollars per barrel (159 litres) on Thursday, down 0.76 dollars from the previous day.
The US Energy Department reported slowing demand for petrol and lower utilization of refineries earlier this week.
OPEC oil price goes below 75 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
