New Hike of OPEC Average Price

OPEC raised its weekly average oil price to $90.71 per barrel last week, the Vienna-based cartel said Monday.

Market analysts are eyeing the cartel's upcoming ministerial conference at Abu Dhabi, capital of the United Arab Emirates, on Dec. 5, in which OPEC might decide to increase output to restrain the soaring oil prices and ease tensions in the international market.