OPEC average oil prices continue to rise week period City News _ _ _ Sina Sina Financial

The Vienna-based Organization of Petroleum Exporting Countries (OPEC) Secretariat announced on the 2nd of the data shows that the OPEC market monitoring average price of crude oil basket has been up for four weeks, but last week, OPEC average oil price gains slowed down significantly.

Data showed last week, OPEC oil prices reached an average of 124.30 U.S. dollars a barrel, up only 0.57 U.S. dollars, significantly less than the past five U.S. dollars the previous week's gains.

OPEC's daily average oil prices since May 22 a barrel hit a new high of 127.59 U.S. dollars after the downturn began last week, also continue this trend down from Monday's 126.57 U.S. dollars a barrel from Friday's 121.68 U.S. dollars, during the OPEC Thursday's daily average oil prices only in the (May 29) there were a pick-up, one U.S. dollars per barrel rose above.

Despite the widespread view that the current international market oil prices were too high, but OPEC always adhere to the current trend of oil prices has nothing to do with the relationship between supply and demand position. OPEC rotating president, Algerian Energy and Mining Minister Khalil SHA Ji Buha May 31 once again said that depreciation of the dollar, market speculation and the loan-to-crisis led to skyrocketing oil prices is the main reason. He again stressed that the current high oil prices not determined by supply and demand fundamentals, and therefore can not be attributed to high oil prices OPEC. According to Xinhua News Agency

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