OPEC oil price continues to rise
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Xinhua, September 5, 2011
The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) continued to increase last week, growing to 110.16 U.S. dollars per barrel, the Vienna-based cartel said Monday.
OPEC oil price kept rising for three consecutive weeks. During the five trading days last week, OPEC daily oil price had once risen from 108.36 dollars a barrel to 111.40 dollars. Although it fell a little bit afterwards, it still remained above 110 dollars.
However, although OPEC oil price had continued to rise for three weeks till last week, the cumulative increase in OPEC price was only 7.5 percentage points. It showed that the recovery of oil prices remains week.
Currently, the hurricane "Irene" has no more influence on oil prices, but every September is the active period of hurricane in Gulf of Mexico. In the past, the news of each hurricane stimulated the oil price to some extent. For some time, the hurricane would remain as a factor of speculation in oil prices.
Overall, however, in the near future, there are few factors which could push up oil prices strongly.
The figure released by the U.S. Labor Department showed that in August this year, the number of its new employment is zero, and its unemployment rate maintained at the same level as in July with 9.1 percent.
The figure has caused a sharp decline in the western stock markets on that day. It also raised the concerns of the crude oil investors about the potential of the U.S. recession, leading to a strong fell in the New York's oil price.
As the world's largest oil consumer, The United States's oil demand and its economic growth outlook has always been considered as important factors affecting the international oil prices.
As the current situation in the U.S. has exacerbated the investors' concerns on the slowdown of its economic recovery, the international oil prices might have to be under further pressure.
In addition, since the military situation in Libya is coming to end, one of the major factors of speculation is disappearing, which would also suppress the oil prices to certain extent.
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