OPEC weekly oil price hits new record high

21:53, December 06, 2010      

Email | Print | Subscribe | Comments | Forum 

Impacted by the decline in U.S. dollars exchange rate, the weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) last week rebounded again, hitting a new record high of 84.90 U.S. dollars per barrel over the past two years, the Vienna-based cartel said Monday.

It represented the highest level of OPEC weekly average oil price since the first week of October 2008. On Friday, OPEC crude oil price reached 87.13 dollars a barrel, also reaching a new high of OPEC daily oil price since Oct. 2, 2008.

During the last five trading days, OPEC oil prices showed a consecutive rise from 83.45 dollars per barrel on Monday to 87.13 on Friday.

As the recent debt crisis of euro zone eased and the concerns on a second round of economic dip relatively reduced, the investors once again shifted their interests to the world economic recovery, especially the economic recovery in industrialized countries.

A growth of oil demand is expected along with an expected economic growth, and the international crude oil prices would be driven by the optimistic economic outlook and an access of speculative capital as well.

In addition, the arrival of winter increases the demand on heating oil in many regions with cold weather such as Europe and the United States, which also supported the international oil prices to a certain extent.

Although the U.S. employment figures in November released by the Labor Department did not show a positive result, it did not affect the expectations of economic recovery, but increase the market speculation on a further action of the Federal Reserve.

The U.S. dollar weakened therefore, which leads to an increase in prices of commodities including crude oil.

Some analysts believe that the main reason for the high oil prices currently is not the changes of relationship of supply and demand in the international oil market. The uncertainties of the crude oil market are increasing.

Source: Xinhua

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A member of the media takes a look at a Bluecar, an electric-powered car made by French company Bollore, at a media presentation in Vaucresson, west of Paris, yesterday. The Bluecars have a range of 250 kilometers in urban use and a maximum speed of 130km per hour, and will be available to rent in the streets of Paris under the name of Autolib. The four-seater Bluecars will be positioned at 1,200 stations in the French capital, where customers can pick them up and drop them off, and will be available around the clock. Users must have a valid driver's license and pay a subscription fee to borrow one of the vehicles.
  • Tourists watch a performance about an ancient court trial. (Photo/Xinhua)
  • U.S. President Barack Obama (4th L, front) shakes hands with outgoing Chairman of the Joint Chiefs of Staff Admiral Mike Mullen (1st R, front) as Vice President Joe Biden (3rd L, front), Secretary of Defense Leon Panetta (2nd L, front), and Army General Martin Dempsey (1st L, front) look on during the Chairman of the Joint Chief of Staff Change of Responsibility Ceremony at Joint Base Myer-Henderson Hall in Arlington, the United States, Sept. 30, 2011. Army General Martin Dempsey succeeded Mike Mullen to become the 18th Chairman of the Joint Chief of Staff on Friday. (Xinhua/Zhang Jun)
  • Chinese national flag guards escort the flag across the Chang'an Avenue in Beijing, capital of China, Oct. 1, 2011. More than 120,000 people gathered at the Tian'anmen Square to watch the national flag raising ceremony at dawn on Oct. 1, in celebration of the 62th anniversary of the founding of the People's Republic of China. (Xinhua/Luo Xiaoguang)
  • Pedestrians walk along the barrier set by police on Wall Street in New York, the United States, Sept. 30, 2011. Police set up the fences to keep away the demonstrators of the Occupy Wall Street campaign. (Xinhua/Shen Hong)
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
Hot Forum Discussion