The oil price of the Organization of the Petroleum Exporting Countries (OPEC) backed down to 77.90 dollars towards the end of the week, the group said Friday.
OPEC's basket price eased by 0.35 dollars per barrel (159 litres) on Thursday, DPA reported.
The cartel decided to maintain its output quota Wednesday, sending optimistic signals about the world economy to markets and pushing up oil prices.