OPEC weekly oil price hits new highApril 14th, 2008 - 9:43 pm ICT by admin
Vienna, April 14 (Xinhua) The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) hit a new high of $102.57 per barrel last week, the Vienna-based cartel said Monday. The price was $1.23 higher than the last recorded $101.34 per barrel in the second week of March.
It reversed a three-week downward trend, which saw weekly average prices at $99.40 per barrel in the third week of March.
The head of OPEC’s petroleum market analysis department, Mohammad Alipour-Jeddi, said last Saturday that global oil demand would soften in the upcoming months.
He insisted that the market was well-supplied and the warming weather as well as the negative effect of the high oil prices would lead to a fall in demand.
Experts, however, still point out that prices will keep rising mainly due to the weak dollar.
Tags: april 14, downward trend, global oil, jeddi, last saturday, mohammad, oil demand, oil price, oil prices, opec, organization of petroleum exporting countries, petroleum exporting countries, petroleum market, vienna based cartel, weak dollar, weather, xinhua