OPEC weekly oil price below 70 USD

21:55, May 31, 2010      

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The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) has dropped to 68.95 U.S. dollars per barrel, below the 70-dollar benchmark for the first time since the third week of last October, the group said on Monday.

The Vienna-based OPEC also said that the decline has continued for four consecutive weeks and the price has reached its lowest level over the past 35 weeks.

The weekly average oil price soared to this year's record high of 83.36 dollars per barrel in the last week of April, but continued to drop afterwards. OPEC's 12 member countries produce 34 percent of global oil supplies.

Some analysts said although the basic supply and demand relationship on the international oil market remains unchanged, the U.S. crude oil market has been gradually undergoing the early summer adjustment, which means oil prices will basically remain low during the period.

Based on past experiences, they also said that if the macroeconomic situation remains unchanged, oil prices may increase again early or late in July.



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