OPEC to discuss developments on oil market

Kuwaiti Oil Minister Hani Hussein said that OPEC’s ministerial meeting in Vienna on Thursday will address the latest developments in the oil market, noting that this market has become "strange" at the moment, reported the Kuwaiti news agency KUNA. Hussein said in a press statement before leaving for Vienna that a number of OPEC member states have expressed concern about oil prices which must be tackled with their partners. Oil prices dropped significantly over the past few days where the price of Kuwaiti crude oil had lost more than four dollars in a single session while futures contracts for US oil at the end of last week hit their lowest level in about eight months and continued to decline for a fifth week in a row. (QNA)