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OPEC oil price hits new record high
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08:28, February 22, 2008

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The daily average oil price of the Organization of Petroleum Exporting Countries (OPEC) hit a new record high of 94.23 U.S. dollars per barrel on Wednesday, the Vienna-based cartel said on Thursday.

The new peak, 0.45 dollars higher than the previous record of 93.78 dollars per barrel registered on Jan. 3, came as the oil price in the international oil market in the United States kept soaring this week and surpassed 100 dollars per barrel again recently.

Marketing analysts pointed out that the increase of global oil consumption, the recent geopolitical crisis, which worsened the fear for the oil supply in the international market, and speculation could be taken as the main factors driving up the oil price.

However, the direct influential factor could be the concern in the market about the possible output cut by OPEC at the upcoming ministerial conference on March. 5.

In view of the evident slowdown of the U.S. economy and the end of the winter in the Northern Hemisphere, more and more experts believe that the world demand for crude oil would go down.

Meanwhile, due to OPEC's deep concern about the drop in demand, many OPEC officials said recently that the cartel might consider cutting its current output at the upcoming ministerial conference.


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