OPEC weekly oil price dips slightly

21:34, October 18, 2010      

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The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) declined to 80.36 U.S. dollars per barrel last week after a two-week recovery, the cartel said Monday.

The price was only 0.16 dollars lower than that of the previous week.

During last week's five trading days, OPEC oil price fluctuated within a narrow range between 79.64 dollars a barrel and 80.95 dollars a barrel. Relatively strong fluctuations only occurred on day 14 while an OPEC oil ministerial meeting was held.

On day 13, OPEC daily average oil price increased by 1.26 dollars compared to day 12, but it fell by 1.09 dollars again on day 15, one day after the OPEC oil ministerial meeting decided to continue the oil yield.

Analysts generally agreed that as global economic recovery remains slow and fragile, the international crude oil market therefore still lacks a strong growth in demand, and the international oil prices remain weak.

The latest figures of the U.S. Energy Information Administration (EIA) showed that, by the week of Oct. 8, the U.S. commercial crude oil inventories fell by 0.42 million barrels to 360.5 billion barrels while gasoline inventories fell by 1.77 million barrels to 218.2 billion barrels.

However, after the downturn of the U.S. dollar earlier, it seems to get a round of rebound. The raise in dollar price will put pressure in turn on the crude oil prices.

In addition, Fed Chairman Ben Bernanke hinted Friday that the U.S. government may take further measures to stimulate the economy.

Source: Xinhua


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