The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) continued its slight drop last week, falling by 0.59 dollars to 122.33 U.S. dollars a barrel last week, the Vienna-based cartel said Monday.

Over the last two weeks, oil prices have only dropped by 1.41 dollars.

There was no obvious change in the relationship between supply and demand on the international crude oil market last week. Although global economic prospects remain gloomy and concerns over Iran remain, prices have not been severely affected.

News that major consumers such as the U.S., Britain and France may release strategic oil reserves have stabilized oil prices to a certain extent. At the same time, the increasing dollar index also suppressed the international crude prices.

Last Friday, all 27 EU countries agreed to extend an embargo of Iranian oil until April 13 next year. Due to stricter sanctions, Iranian oil exports are expected to decline significantly this year.

The purchasing manager's index of China and Europe also fell unexpectedly last week, triggering concerns about a slowdown and decline in crude oil demand.

The International Energy Agency (IEA) said last week that a weak economic outlook lowered the projected demand for crude oil. OPEC's latest monthly report confirms this trend.

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