OPEC oil prices fall again

The average price of oil from the Organisation of Petroleum Exporting Countries (OPEC) fell for the second straight month in May to $108.07 (£69.60) per barrel, it said today. The […]

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By Vicky Ellis

The average price of oil from the Organisation of Petroleum Exporting Countries (OPEC) fell for the second straight month in May to $108.07 (£69.60) per barrel, it said today.

The Middle Eastern oil group put the fall down to heightened Eurozone concerns, a steady rise in global crude stocks, a weakening economic outlook as well as “massive liquidation of net-long speculative positions”.

The 9.4% drop in price of the OPEC reference basket – which the oil producing group uses as a barometer for pricing – is the largest month-to-month loss since December 2008.