OPEC's Average Crude Price Fell

OPEC's weekly average crude oil price dropped to $68.12 per barrel on Monday, $3.60 lower than the historical high of $71.72 in the previous week, driven by British Petroleum's (BP) decision to cease one of its oil fields in Alaska.

Market analysts believed that OPEC's forecast of the increase in world crude oil supply in 2006 and 2007 was the main reason for the drop in oil prices.

In OPEC's latest world oil market report, world oil demand is estimated to grow from 1.3 million barrels per day (bpd) to an average of 84.5 million bpd.