OPEC weekly oil price continues to tumble

12:56, May 25, 2010      

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The Organization of Petroleum Exporting Countries (OPEC) weekly average prices dropped significantly last week, falling by 6.1 U.S. dollars to 71.56 dollars per barrel, the Vienna-based cartel said Monday.

On Thursday, OPEC's daily average oil price hit 69.64 dollars per barrel, its lowest level this year.

OPEC's weekly average oil price reached its record high this year of 83.36 dollars a barrel in the last week of April, after a significant period of decline. However last week, the weekly average hits lowest level for 2010.

Oil prices have fallen as investors seek safer investment alternatives in the face of recent global economic uncertainties.

The U.S. Economic Cycle Research Institute's (ECRI) U.S. Weekly Leading Index (WLI), seen as an indicator of U.S. economic growth, has been falling. It ended May 14 at 127.3, its lowest point since Sept. 11, 2009, from the prior week's 132. The fall suggests the U.S. economic recovery will slow.

And concerns about the impact of European debt on world economic recovery remain have added to the uncertainties driving investors out of oil.

In addition, as the world's biggest oil consumer, U.S. crude oil inventories remain high, having increased for 15 weeks of the past 16 weeks.

It has also been reported crude oil exports in Middle East have been reducing recently and a number of oil producers are increasing the oil stocks of giant oil tankers.



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