OPEC average weekly oil price rebounds above 80 dollars

08:06, November 09, 2010      

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The average weekly oil price of the Organization of Petroleum Exporting Countries (OPEC) rose to 82.73 U.S. dollars per barrel last week, hitting a record high since the fourth week of April this year, the Vienna-based cartel said Monday.

OPEC attributed the price increase to the continuous weakening of the U.S. dollar last week.

During the five trading days last week, OPEC oil prices continued to rise, reaching its highest level on day 4 to 84.33 dollars per barrel, which was only 3 cents lower than this year's record high on May 3.

On day 5, the OPEC oil price remained unchanged.

On day 3, the U.S. Federal Reserve decided to maintain the low interest rate unchanged and start the second round of quantitative easing monetary policy to buy 600 billion dollars of treasury bonds in the next eight months to stimulate economic recovery.

The Federal Reserve's decision will lead to further weakening of the U.S. dollar and therefore push up commodity prices on the international market, particularly the price of crude oil.

Nobuo Tanaka, director-general of the International Energy Agency, said that if oil-producing countries maintain their current production level, there will be "an adequate supply" on the world oil market.

In addition, the process of global economic recovery will remain fragile and the oil inventories of the Organization for Economic Cooperation and Development countries will remain relatively high next year.

As a result, there will be no big change in the amount of oil supply and oil demand on the international market and therefore the U.S. dollar exchange rate will still be the major factor influencing international oil prices.

In addition, the slow world economy recovery and the arrival of winter may also push up oil prices.

Source: Xinhua


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