OPEC oil price declines for second consecutive week

VIENNA - Weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) declined to $106.74 per barrel last week from the $107.92 price the week before, the Vienna-based cartel said Monday.

It was the second consecutive weekly decline of the OPEC Basket Price, which is supposed to be affected by the pessimistic future global oil demand outlook.

The economic data from eurozone has also exerted downward pressure to the oil price as well.

OPEC's output ceiling is believed to be sustained in the meeting on December 12 in Vienna, as many of OPEC official's implied their satisfaction with the current oil output recently.