OPEC oil price exceeds $16

Tue, 06 Jul 1999 | Source: DPA

VIENNA (DPA): The oil cartel OPEC said its prices improved last week by more than one-half dollar to average US$16.38 per barrel.

The week before that, the Organization of Petroleum Exporting Countries said its oil sold at $15.75 per barrel.

For the month of June, the average price was $15.61 amid the continuing improvement following the cartel's decision in March to cut back production. OPEC's official target is $21.

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