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OPEC oil price keeps dropping amid European debt crisis

(Xinhua)

21:22, November 28, 2011

VIENNA, Nov. 28 (Xinhua) -- The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) dropped to 108.05 U.S. dollars a barrel last week, the Vienna-based cartel said Monday.

The downgrade of Portugal's credit rating, which has increased the concerns about the European debt crisis, became the major factor suppressing the international oil prices last week.

During the five trading days last week, OPEC oil price decreased obviously on Monday from 109.12 dollars per barrel of the previous weekend to 107.74 dollars. On Tuesday, it rebounded to 108.34 dollars a barrel under the influence of such factors as profit-taking in the market.

Afterwards, OPEC oil price kept falling slightly, dropping to 107.73 dollars per barrel on Friday once again.

As the prospect of the European debt crisis remains not optimistic, and the U.S. economic growth remains uncertain as well, the investors worry that the weak world economy would be unable to support the growth in crude oil demand.


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