OPEC weekly oil prices drop further

The weekly average oil prices of the Organization of Petroleum Exporting Countries ''OPEC'' dropped further to 133.97 U.S. dollars per barrel last week, said the Vienna-based cartel Monday. VIENNA, July 21 (Xinhua) -- The weekly prices hit a record high of 138.31 dollars on the first week of July and then dropped 4.34 dollars in the following two weeks. The daily prices last Monday were 139.81 dollars. It then kept falling in the following four consecutive trading days, sliding 11.88 dollars to 127.93 dollars Friday. However, the intensified geopolitical crisis would still be the latent booster for the oil prices, according to experts. OPEC's second largest oil producer Iran was facing the possible fourth sanctions from the UN Security Council against its disputed nuclear program, after the talk of Iran and the United States,... [read full story]