OPEC weekly oil price hits new record high

21:53, December 06, 2010      

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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


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