OPEC weekly oil price below 70 USD

21:55, May 31, 2010      

Email | Print | Subscribe | Comments | Forum 

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.

Source:Xinhua

(Editor:梁军)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
  • Forces of the Libyan National Transitional Council (NTC) shoot shells to the fighters loyal to Muammar Gaddafi outside Bani Walid, Libya, Sept. 27, 2011. Bani Walid is still occupied by fighters loyal to Muammar Gaddafi. (Xinhua/Hamza Turkia)
  • Children present creations with guests during a charity show "Fashion Kids for Children in Crisis" at the Milan Fashion Week Women's Wear Spring/Summer 2012 in Milan, northern Italy, Sept. 27, 2011. (Xinhua/Wang Qingqin)
Hot Forum Discussion