The Organisation of the Petroleum Exporting Countries OPEC says crude oil spot prices dropped by 1.74 dollars, or 2.1 per cent, in November 2021 to average 80.37 dollars per barrel.
OPEC made this known in its Oil Market Report for December 2021 which was obtained in Lagos.
According to the report, crude oil futures prices ended November sharply lower amid higher volatility after a broad selloff in futures and equity markets.
It said the Intercontinental Exchange ICE Brent first-month fell by 2.90 dollars, or 3.5 per cent, in November to average 80.85 per barrel.
The report said the New York Mercantile Exchange and West Texas Intermediate declined by 2.57 dollars, or 3.2 per cent, to average 78.65 barrel.
The report said the oil demand was adjusted higher in first half of 2021 better-than-anticipated transportation fuel consumption in Organisation for Economic Cooperation and Development.
