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OPEC weekly oil price up slightly last week
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09:18, February 05, 2008

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After a three-week consecutive drop, the weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly to 88.03 U.S. dollars per barrel last week, up by 2.96 dollars from the previous week, the Vienna-based cartel said Monday.

OPEC's daily average oil price kept rising during the first trading days of last week, reaching 88.77 dollars per barrel last Wednesday, but took a downturn on Thursday to 88.01 dollars per barrel.

Although OPEC decided to maintain current daily output at its 147th extraordinary conference held last Friday, the daily oil price continued to drop to 87.72 dollars per barrel.

Market analysts believe the decline of world demand for crude oil, caused by the estimated slowdown in the U.S. economy and its negative effect on the world economy, was the main factor that drove OPEC to refuse to increase its output.

Estimates of an economic slowdown restrained the passion for investment in the international market of crude oil futures, and caused the recent downtrend of international oil prices, which, however, remain high.


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