Commodity Online

VIENNA: OPEC on Tuesday announced that its weekly average oil price has dropped slightly to $ 99.47 per barrel in the previous week.

In a statement issued here the oil cartel said, its daily prices also dropped for four trading days consecutively and plummeted sharply by 3.56 U.S. dollars on a single trading day of March 20.

Despite the drop, OPEC president, Algeria's Oil Minister Chakib Khelil said last Saturday that this year's oil prices would stay at high levels, fluctuating between 80 dpb and 110 dpb.

Analysts said the slight drop in oil prices was mainly due to the regurgitations of the market and the impact of the U.S. economic recession.