The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) Tuesday rebounded vehemently to 114.75 U.S. dollars per barrel (dpb) Wednesday, setting a new daily prices record, said the Vienna-based cartel.
The daily average prices of OPEC went down from 111.66 dpb on April 28 to 105.99 dpb on May 1 and rebounded slightly to 106.99 dpb on May 2. However, the prices showed a fierce rise by 4.61 dollars to 111.60 dpb Monday and soared vehemently Tuesday by 3.15dollars to 114.75 dpb.
Surging up 8.76 dollars in just three consecutive trading days was rare in the near history of OPEC's oil trading.
Experts said the geopolitical reasons, especially those in some OPEC member countries, were the main factors in boosting up the prices.
Attacks against the Nigerian oil-transportation constructions, uncertainty on the future of the situation in Iraq and Iran, as well as Indonesia's consideration of quitting OPEC, made many investors worry about the future trend of the oil prices and therefore put much more money into oil speculations.
Meanwhile, the weak dollars and the prognosis of oil prices that would surge up to a range of 150 dpb to 200 dpb by the famous international investment bank Goldman Sachs, also aggravated the speculations.
Source: Xinhua
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