Tuesday, April 12, 2011

OPEC oil price hits new high on growing concerns of crude supply

VIENNA, April 11 (Xinhua) -- The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) hit 117.39 U.S. dollars per barrel last week, the highest level since the last week of July 2008, the Vienna-based cartel said Monday.

OPEC weekly oil prices kept reaching record highs for three consecutive weeks, and its daily oil prices also kept climbing last week, a situation very rare for OPEC oil prices.

Tensions in the Arab world remain high, which intensified global concerns on a tight supply of crude oil in the international oil market, resulting in an expected strong demand on crude oil.

In addition to Libya, similar political turmoil breaking out in other oil-producing countries such as Yemen, Nigeria and Gabon last week also triggered increased concerns on oil.

In Nigeria, a major crude oil producer with a daily production of 2.2 million barrels, the postponement of presidential and parliamentary elections have caused tensions that raised investors' concerns on crude oil.


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