The oil price of the Organization of the Petroleum Exporting Countries (OPEC) shed 0.67 dollars towards the end of the week and retreated from the 74-dollar mark, according to data published by the group on Friday, DPA reported.
OPEC's basket price settled at 73.26 dollars per barrel (159 litres) on Thursday.
The cartel's 12 members produced 34.1 per cent of the world's oil supply in June.
OPEC oil price retreats from 74-dollar mark
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
