The price of Dubai crude oil fell for the third consecutive day Friday to finish at less than 60 dollars a barrel.

According to the Korea National Oil Corporation, the spot price of Dubai crude finished at $56.47 per barrel on Friday, down $2.07 from the previous day.

On the New York Mercantile Exchange, West Texas Intermediate sank $3.69 a barrel to $64.15. Brent North Sea crude on London's International Petroleum Exchange also dropped $3.87 per barrel to $62.05.

International crude prices have continued to fall due to concerns over diminishing demand in the wake of a global economic slump, despite the Organization of the Petroleum Exporting Countries' decision to cut production by one-and-a-half million barrels per day.

Source:  KBS WORLD Radio