OPEC oil price keeps fluctuating

November 8th, 2011 - 12:57 am ICT by IANS  

Vienna, Nov 7 (IANS) The weekly average price of the Organisation of Petroleum Exporting Countries (OPEC) dropped slightly to $107.52 per barrel last week, the Vienna-based cartel said Monday.

After continuous increase for three consecutive weeks, OPEC weekly oil price reduced by $1.61 during last week, reported Xinhua.

Overall, however, OPEC oil price kept fluctuating within a small rage. In fact, since August this year, OPEC oil price has swung between $100-110 per barrel.

The last oil price movement indicated that there are still no clear guidelines on the international crude oil market. The prospects for US economic recovery remain uncertain, while the concerns about European debt crisis remain as a huge unfavourable factor affecting the international crude oil market.

The analysts believe that for the next period of time, the US macroeconomic figures including its employment rate, as well as the development of the eurozone debt crisis would continue to affect the trend of international oil prices significantly.

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