The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 0.53 dollars, according to data released by OPEC on Thursday.
One barrel (159 litres) of OPEC-produced crude stood at 128.45 dollars a barrel on Wednesday, down 0.53 dollars from 128.98 dollars on the previous day, reported dpa.
An increase in oil output by OPEC members was not needed as the current supply level exceeds demand and spiralling prices are mainly caused by speculators, OPEC officials said Wednesday.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.