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Jul 9, 2009, 8:41 GMT

OPEC oil slides further towards 60-dollar mark

Vienna - The oil price of the Organization of the Petroleum Exporting Countries (OPEC) dropped to 61.11 dollars at mid-week, the group announced Thursday. The cartel's basket price shed another 1.86 dollars par barrel (159 litres) Wednesday, as US government statistics showed a stronger-than expected rise in oil product stocks. 'It appears that - at least for the short term - the sentiment in oil markets has turned bearish and weak fundamentals are in the spotlight,' analysts at JBC Energy said in Vienna. OPEC's 12 member countries produce over a third of the world's supply of crude oil.

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