VIENNA, March 18 (Xinhua) -- The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) declined to 106.40 U.S. dollars per barrel last week, compared with 107.02 dollars a week earlier, the Vienna-based cartel said Monday.
This is the forth consecutive weekly decline of the OPEC basket price, a sharp drop from 114.5 dollars in mid-February, recording the lowest level in the past 13 weeks.
The four-week-long decline of the OPEC basket price is supposed to be affect by the uncertainty in global economic recovery.
In its monthly oil market report, OPEC last week hinted it might revise the oil demand growth forecast in 2013 downward, due to the downward risks to the world oil consumption growth this year.
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