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09:24, December 16, 2008 |
The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 39.02 U.S. dollars a barrel last week, the cartel said on Monday.
It is the first time the weekly prices have dived below 40 dollars a barrel since mid-January 2005.
The economic recession in the United States and weak demand for crude oil worldwide due to the ongoing financial crisis helped push down oil prices.
A strengthening dollar and a cooling down of crude oil speculation have also attributed to the oil price fall.
OPEC President Chakib Khelil has said earlier that OPEC member states will further slash production.
OPEC is to hold an extraordinary ministerial meeting in Algeria on Wednesday on the current situation in the global crude oil market and will decide on its new production policy.
Russia is considering sending a high-ranking delegation to the meeting, indicating that it may cooperate with OPEC in cutting production to stop a further fall in oil price.
Source: Xinhua
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