OPEC oil prices drop below $40 again

Special Report:Global Financial Crisis

VIENNA, Feb. 23 (Xinhua) -- 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.