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OPEC crude oil price hovers under 80 dollars

Published: 01/12/2009 05:00

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The weekly average crude oil price of OPEC dropped again last week, falling by 0.8 U.S. dollars per barrel to 75.98 dollars, the Vienna-based organization said Monday.

In the only two trading days last week due to holidays, the Organization of Petroleum Exporting Countries (OPEC) oil price first saw an increase and then a decline.

On the first trading day, OPEC daily average price rose to 76.73 dollars from 75.78 dollars per barrel of the previous week. However, it declined by 1.51 dollars to 75.22 dollars a barrel on the following trading day.

OPEC average oil price in the third week of this month hit a record high of 76.78 dollars a barrel. On November 18, OPEC daily average price struck a new high of the year with 77.87 dollars. However, the basic trend of OPEC oil remains hovering.

Analysts believe the main reason is that the improving macroeconomic situation and a weaker U.S. dollar are supporting the price, while at the same time, subject to such adverse economic information as the debt crisis in Dubai and high unemployment rate in America, investors get more cautious on the prospect of global economic recovery.

The trend of overall weakness of the U.S. dollar has been lasting for quite a long time. However, given its large budget deficit, high debt, long-term trade deficit and other factors, there would still be enormous resistance for the dollar to get strong in the near future.

At present, the global macroeconomic situation is getting better, but with the approaching expiration of the national stimulating policies, the uncertainty on the prospect of economic recovery is again on the rise.

International Monetary Fund chief Dominique Strauss-Kahn said last week that the world economy currently was still largely at a standstill, despite slight improvements.

Analysts believe the various economic indicators of the U.S. economy and the rate of the U.S. dollar will remain as the basic factors affecting the oil price in the near future.

VietNamNet/Xinhuanet

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