OPEC oil prices drop below $40 again

Special Report:Global Financial Crisis

VIENNA, Feb. 23 (Chinese media) -- The weekly average prices of the Organization

of Petroleum Exporting Countries (OPEC) dropped to 39.45 U.S. dollars per barrel

(dpb) last week, the second below 40dpb dive since the second week of this year,

said the Vienna-based cartel Monday.

The weekly average prices of OPEC have hovered slightly above 40 dpb since

the second week of this year, even seeing a slight rebound for three consecutive

weeks this month.

However, further concerns about the world economy due to the bankruptcy

crisis of the United States auto giants last week have imposed great pressure on

international crude oil market. In addition, the continuing strengthened dollars

have also further pressure on the prices.

According to market analysts, the worldwide weak demand and the surplus oil

supply are still the main factors affecting the international crudes market in

the near future, which will further keep prices low.

OPEC will hold a Ministerial Conference on March 15 focusing on the

supply-demand relationship on the current international oil market so as to

decide whether to slash output further.