OPEC oil price exceeds $16

Tue, 06 Jul 1999, 00:00 WIB | 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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