OPEC oil price rebounds slightly

08:44, May 31, 2011      

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Weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly last week, reaching 108.17 U.S. dollars per barrel, the cartel said Monday.

A significant fall on Monday after four trading days of increases, however, limited the price rise to only 0.75 U.S. dollars.

With the coming of the summer driving season in the United States and Europe, oil demand was expected to grow. The British tanker tracking agency "Oil Movement" projected that OPEC exports could increase by 1.6 percent in the next four weeks.

Analysts also said economic statistics of major economies, particularly these of the U.S., the world's largest oil consumer, would remain important in affecting global oil prices for the near future.

A slower-than-expected increase in consumer spending and economic growth and a rise in American jobless claims, as well as possible deterioration of the euro area's debt crisis, would lead the world's major oil consumers to reduce their demand.

Moreover, chaos in oil-rich countries like Libya would continue to shake world confidence over a stable crude oil supply.

Considering the unfavorable U.S. economic figures and high gasoline prices, some analysts were not optimistic that the summer driving season would stir oil consumption.

Source: Xinhua
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