International oil prices have been dropping in recent months despite an agreement between members of the Organization of Petroleum Exporting Countries (OPEC) and nonmembers to cut production. That results from an increase in U.S. shale oil output and more production by Libya, Nigeria and other countries bypassing the accord.
The benchmark West Texas Intermediate (WTI) for August delivery finished at US$43.01 per barrel Friday, marking the fifth consecutive week of decline.