The oil price of the Organization of the Petroleum Exporting Countries (OPEC) fell for the seventh straight day of trading Thursday, shedding a total of $8.98 since the end of June, according to figures released by the group on Friday.

OPEC’s basket price stood at $60.58 Thursday, $0.53 lower than on the previous day.

The current market trend was influenced by efforts of the G8 nations against oil speculation, as well as by worse-than expected indicators dampening hopes of a quick global economic recovery, according to analysts.

OPEC’s 12 member countries produce more than a third of the world’s crude oil.

(Rigzone & dpa)