|
OPEC weekly crude oil price rebounds to back over $70
Published on June 8, 2010 by oilprices · No CommentsThe weekly average crude oil price from OPEC rebounded back over $70 per barrel to $71.79 last week, the first time for the OPEC weekly average oil price to pick up following a consecutive price decline in four weeks.
OPEC member countries weekly average oil price hit its record high this year of $83.36 in the last week of April 2010, which was followed with a continual decline, reaching $68.95 in the last week of May. It was also the lowest level of the past 35 weeks.
The rebound in oil price last week was mainly due to the strength of the US dollar, analysts said, adding that the supply demand relationship on the international crude oil market has so far remained unchanged.
While the US dollar continues to be strong for some time, the above two factors will put pressure on oil prices, resulting in oscillating oil prices in the near future, according to the analysts.