The oil price of the Organization of the Petroleum Exporting Countries (OPEC) fell to 69.71 dollars at the end of last week, its lowest level in nearly four months, according to data issued by the group on Monday, DPA reported.

The cartel's basket price dropped by 3.02 dollars per barrel (159 litres) on Friday, as the dollar rose against the euro for the third day, making it more expensive to buy dollar-denominated crude.

OPEC's member countries supply more than a third of the world's crude oil.