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Jul 10, 2009, 8:12 GMT

OPEC oil price nearly 9 dollars below end-of-June level

Vienna - The oil price of the Organization of the Petroleum Exporting Countries fell for the seventh straight day of trading Thursday, shedding a total of 8.98 dollars since the end of June, according to figures released by the group on Friday. OPEC's basket price stood at 60.58 dollars Thursday, 0.53 dollars lower than on the previous day. The current market trend was influenced by efforts of the G8 nations against oil speculation, as well as by worse-than expected indicators dampening hopes of a quick global economic recovery, according to analysts. OPEC's 12 member countries produce more than a third of the world's crude oil.

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