OPEC prices rise over $130 for first time

June 10th, 2008 - 8:29 pm ICT by IANS  

Vienna, June 10 (Xinhua) The average daily oil prices of the Organization of Petroleum Exporting Countries (OPEC) hit the historic high of $130.87 dollars per barrel, the Vienna-based cartel said Tuesday. The prices once retreated back to $118.56 per barrel last Wednesday and rose to $118.77 per barrel last Thursday. But since last Friday the prices surged $12.10 higher in just two trading days, and stood over $130 Monday for the first time, or $3.87 higher than the last record set on May 22.

Statistics showed that oil prices have risen from $30 per barrel to $130 per barrel since the beginning of 2004, 4.3 times more expensive than before.

Analysts noted that the geopolitical crisis in the Middle East region and the weak dollar were main pushers of the high oil prices.

Meanwhile, the exchange rate of the US dollar against all other international currencies has been depreciating, which drove the dollar-based oil prices even higher.

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