OPEC oil price at lowest level in four months
2012-11-14 10:04:11
Monthly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 105.47 U.S. dollars per barrel in the past month, the Vienna-based cartel said Tuesday.
It was the second consecutive monthly decline and also the lowest Monthly OPEC Basket Price in four months.
The drop was considered to be impacted by a forecast of weak global oil demand due to the decline of short-term world economic growth.
The Conference Board, a research group headquartered in New York, on Tuesday issued its latest report projecting that the world economy would stand at a slow 3.2 percent for 2012, and slow further to 3.0 percent in 2013.
Growth in developing and emerging economies, which are considered to be influential oil consumers, was projected to drop from 5.5 percent in 2012 to 4.7 percent in 2013.