OPEC basket price continues declining for three weeks
Xinhua | 2013-3-12 9:11:50
By Agencies
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The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) declined to 107.02 US dollars per barrel last week, compared with 109.28 dollars a week earlier, the Vienna-based cartel said Monday.

This is the third consecutive weekly decline of the OPEC basket price, a sharp drop from 114.5 dollars in mid-February, the highest level in recent months.

The three-week long decline of the OPEC basket price is supposed to be affect by the uncertain monetary policy of the US Federal Reservethe and downgrading of Italy's long-term foreign and local currency Issuer Default Ratings (IDR) to ' BBB+' from 'A-' last Friday.

According to the International Energy Agency's forecast, globe daily average demand in 2013 would remain at 90.8 million barrels per day, an increase of 0.24 million barrels compared with the previous forecast.

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