The Organization of the Petroleum Exporting Countries (OPEC) said Wednesday that its basket oil price shed 0.55 dollars on the previous day, DPA reported.
The group's crude oil price slid to 77.53 dollars on Tuesday, as new data showed US crude oil stocks at a new record level. In addition, markets remained concerned about European debt problems.
OPEC's 12 members pumped 34 per cent of the world's oil supply in April.
OPEC oil price eases by 0.55 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
