VIENNA, May 10 - The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) dropped sharply last week, falling by 2.45 U.S. dollars to 80.91 dollars per barrel compared to the previous week, the Vienna-based cartel said Monday.
Except for a slight increase on the first trading day last week, OPEC oil prices kept falling with an especially obvious decline on the last three trading days.
On the last trading day of last week, the oil price dropped above 2 U.S. dollars within one day, falling to 76.41 dollars a barrel, which reached the lowest level since March 15.
Analysts believe that it was mainly due to the concerns on the sovereign debt in Euro zone, as well as the unsatisfactory pace of the U.S. economic recovery and the rise in its crude oil inventories.
Although some euro-zone countries have approved a huge assistance program of 110 billion euros to Greece presently, the prospect for the availability of the program and its impact on the world economy remain uncertain.
The latest figures from the Labor Department of the U.S showed that the U.S. unemployment rate grew slightly to 9.9 percent in April this year. This figure exceeded the previous forecast of some economic research institutes and disappointed the investors.
The rise in unemployment would not only decline the consumers' actual income, affecting their expenditures, but also increase the concerns on the possible prolongation of the U.S. economic recovery process.
In addition, the U.S. Department of Energy announced on May 6 that the U.S. crude oil stock increased by 2.76 million barrels to 360.6 billion barrels, which also formed pressure on the crude oil market.
However, the EU has just decided to set up a rescue mechanism of 750 billion Euros to help the euro countries avoid the debt crisis and keep the euro stable, which would inevitably increase the confidence in the euro-zone economy.
Some figures also showed that after the introduction of this scheme, the European stock markets have risen significantly.
Except for a slight increase on the first trading day last week, OPEC oil prices kept falling with an especially obvious decline on the last three trading days.
On the last trading day of last week, the oil price dropped above 2 U.S. dollars within one day, falling to 76.41 dollars a barrel, which reached the lowest level since March 15.
Analysts believe that it was mainly due to the concerns on the sovereign debt in Euro zone, as well as the unsatisfactory pace of the U.S. economic recovery and the rise in its crude oil inventories.
Although some euro-zone countries have approved a huge assistance program of 110 billion euros to Greece presently, the prospect for the availability of the program and its impact on the world economy remain uncertain.
The latest figures from the Labor Department of the U.S showed that the U.S. unemployment rate grew slightly to 9.9 percent in April this year. This figure exceeded the previous forecast of some economic research institutes and disappointed the investors.
The rise in unemployment would not only decline the consumers' actual income, affecting their expenditures, but also increase the concerns on the possible prolongation of the U.S. economic recovery process.
In addition, the U.S. Department of Energy announced on May 6 that the U.S. crude oil stock increased by 2.76 million barrels to 360.6 billion barrels, which also formed pressure on the crude oil market.
However, the EU has just decided to set up a rescue mechanism of 750 billion Euros to help the euro countries avoid the debt crisis and keep the euro stable, which would inevitably increase the confidence in the euro-zone economy.
Some figures also showed that after the introduction of this scheme, the European stock markets have risen significantly.
