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Home Business The price of OPEC crude falls 1.7% to $ 71.36 per barrel

The price of OPEC crude falls 1.7% to $ 71.36 per barrel

Vienna, Nov 5 (EFE) .- The price of OPEC crude closed last week to fall, to stand on Friday at 71.36 dollars per barrel, 1.7% ($ 1.28) less than the the previous day, the oil group based in Vienna reported today.

With this decline, the fifth consecutive, the price of the reference barrel of the Organization of Petroleum Exporting Countries (OPEC) has fallen back to a level that was not seen since August 21.

The average for the whole week was 74.16 dollars, 2.9% less than the average of the previous week (76.37 dollars).

Last midnight has come into force the new round of US sanctions on Iran that, decided last May, directly affects the oil exports of the Islamic Republic.

Fears that the lack of Persian barrels cause shortages in the international market boosted oil prices in the past months to four-year highs, and the OPEC barrel surpassed $ 84 in early October.

However, the outlook has changed in the face of news of increases in production in the United States, Saudi Arabia and Russia, capable of compensating for a possible cut in supply.

To this was added on Friday Washington's announcement that eight countries or groups of states will be exempt from the ban on buying crude from Iran, in the framework of sanctions.

According to analysts, what worries investors now is an eventual oversupply.


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