The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) rose faster with the international crude oil prices to 66.94 U.S. dollars per barrel last week, which almost doubled the prices of 34.92 dollars in the last week of 2008, said the Vienna-based cartel Monday.
OPEC's Ministerial Conference on May 28 decided to maintain the production quota, after which OPEC's oil prices kept rising. The average daily prices rose to 68.08 dollars per barrel on June 5, which is 7.33 dollars higher than May 27 before the meeting.
Market analysts generally believed that seeing the continued improvement of economic data, the market became increasingly optimistic about the economic recovery. At the same time, the rise of the stock market and the weakening U.S. dollars due to outflow of the hedge funds also attributed to the surge of international oil prices.
However, the data released recently in the U.S. that the unemployment in May was lower than expectation was the major factor boosting the oil prices in the last few days.
Some analysts also pointed out that although the gradual recovery of investors' confidence supported the upward trend of the oil prices, the depreciation of the U.S. dollar also played an important role, and in the near future, the exchange rate of the U.S. dollar will continue to impose great impact on oil prices if no other incident occurs.
Source:Xinhua
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