OPEC oil price plummets by 3.04 dollars

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) fell 3.04 dollars at mid-week, the group said Thursday, as markets reacted to concerns over-indebted eurozone countries like Greece, DPA reported.

OPEC's basket price plummeted to 81.12 dollars per barrel (159 litres) on Wednesday.

Analysts said that investors sold positions on commodities amid the debt crisis of southern EU countries, and that the previous high crude oil prices had not be justified in terms of supply and demand considerations.

"We have repeatedly pointed out that the previous rise in prices was pushed by financial investors, and was not based on a physical contraction in the oil market," analysts at Commerzbank wrote in Frankfurt.

OPEC's 12 members produce over a third of global oil supplies.