OPEC weekly oil price reaches record high

08:56, May 04, 2010      

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The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) kept rising last week, reaching a new record high of 83.36 U.S. dollars a barrel, the Vienna-based cartel said Monday.

It was the third time for the OPEC weekly average oil price to hit a new high this year. In the five trading days last week excluding Wednesday, OPEC oil prices remained above 83 dollars a barrel. On Thursday and Friday, it consecutively hit new record highs for this year, reaching 84.13 U.S. dollars a barrel at the highest.

Investors' confidence in the global economic recovery supported the growth in crude oil prices, analysts said.

In particular, the report from the U.S. Commerce Department last Friday showed that U.S. GDP grew by 3.2 percent in the first quarter compared to the same period last year, and its consumer spending registered a year-on-year growth of 3.6 percent, the highest since 2007.

In addition, the eurozone countries' assistance to debt-hit Greece has also boosted market confidence, analysts said.



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