The oil price of the Organization of the Petroleum Exporting Countries (OPEC) backed down to 72 dollars at the start of the week, the group said Tuesday, DPA reported.
Stopping a four-day rise, the cartel's basket price lost 0.79 dollars per barrel (159 litres) on Monday.
The group's 12 member countries produce over a third of the world's oil.
OPEC oil price retreats to 72 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
