VIENNA, Sept. 14 - The weekly average OPEC oil prices appeared rebound again last week, but in a very small range. It increased by 0.53 U.S. dollars compared to the previous week to 68.09 dollars per barrel, the Vienna-based cartel said Monday.
In the first four trading days of last week, the oil prices of the Organization of Petroleum Exporting Countries (OPEC) continued to climb, increasing from 67.83 dollars a barrel on Monday to 69.23 dollars a barrel on Thursday. However, on Friday, it fell sharply by 1.02 dollars.
There was no significant change in the supply-demand relationship on the international crude oil market last week. The decision of OPEC Meeting of the Conference on Thursday morning to maintain the output quotas unchanged had been expected, which also failed to made a considerable impact on oil prices.
Although the dollar remained weak last week, the U.S. Dow Jonesstock index increased continuously for four days, and oil prices increased simultaneously. However, on Friday, the index appeared a slight fluctuation, and oil prices also fell significantly.
Experts believe that for a period of time in future, the stock market and the fluctuations of U.S. dollar exchange rate will continue to be the dominant factors to determine the basic trend of oil prices.
At present, in the context of high level fluctuating Dow Jones stock index and the continual weakness of U.S. dollar, the crude oil prices would remain a high shock situation. However, if the U.S. dollar rebounds and the stock market constricts, crude oil prices may also drop apparently. It is also worth noting that there is still oversupply on the international crude oil market.
Kuwaiti Oil Minister Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah admitted on Friday that the compliance of cut in output quotas from OPEC member states dropped from 77 percent in May to 68 percent.
The current supply surplus of crude oil is above 700,000 barrels per day, which includes the overcapacity of some OPEC member countries.
In the first four trading days of last week, the oil prices of the Organization of Petroleum Exporting Countries (OPEC) continued to climb, increasing from 67.83 dollars a barrel on Monday to 69.23 dollars a barrel on Thursday. However, on Friday, it fell sharply by 1.02 dollars.
There was no significant change in the supply-demand relationship on the international crude oil market last week. The decision of OPEC Meeting of the Conference on Thursday morning to maintain the output quotas unchanged had been expected, which also failed to made a considerable impact on oil prices.
Although the dollar remained weak last week, the U.S. Dow Jonesstock index increased continuously for four days, and oil prices increased simultaneously. However, on Friday, the index appeared a slight fluctuation, and oil prices also fell significantly.
Experts believe that for a period of time in future, the stock market and the fluctuations of U.S. dollar exchange rate will continue to be the dominant factors to determine the basic trend of oil prices.
At present, in the context of high level fluctuating Dow Jones stock index and the continual weakness of U.S. dollar, the crude oil prices would remain a high shock situation. However, if the U.S. dollar rebounds and the stock market constricts, crude oil prices may also drop apparently. It is also worth noting that there is still oversupply on the international crude oil market.
Kuwaiti Oil Minister Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah admitted on Friday that the compliance of cut in output quotas from OPEC member states dropped from 77 percent in May to 68 percent.
The current supply surplus of crude oil is above 700,000 barrels per day, which includes the overcapacity of some OPEC member countries.
