VIENNA, April 11 -- The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) set a new record of 103.74 U.S. dollars per barrel (dpb) Thursday, the Vienna-based cartel said Friday.
The prices were 0.86 dollars higher than the last recorded 102.88 dpb on March 14. The daily oil prices kept rising for seven consecutive trading days since April 1, soaring sharply by nearly eight dollars after nearly a month's downward trend and fluctuation.
Experts pointed out that the new price rise was mainly attributed to speculations in the international commodity market.
The expecting decrease in oil needs in the international market, due to the warming weather and the world economic slowdown, should drag down prices. However, the weak dollar aggravated the speculations and pushed oil prices to a new peak.
The prices were 0.86 dollars higher than the last recorded 102.88 dpb on March 14. The daily oil prices kept rising for seven consecutive trading days since April 1, soaring sharply by nearly eight dollars after nearly a month's downward trend and fluctuation.
Experts pointed out that the new price rise was mainly attributed to speculations in the international commodity market.
The expecting decrease in oil needs in the international market, due to the warming weather and the world economic slowdown, should drag down prices. However, the weak dollar aggravated the speculations and pushed oil prices to a new peak.
