OPEC weekly oil price keeps falling

The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) declined to 70.88 U.S. dollars per barrel last week, the Vienna-based cartel said Monday.

Despite the steady increase in oil prices since Wednesday, the average level of OPEC weekly oil price still registered a decline due to drastic price drops in the first two trading days.

Figures released Thursday by the European Commission showed that the economic sentiment index of the euro zone rose to 101.3 in July, up by 1.3 percent compared with its long-term average level.

Meanwhile, the U.S. economic indicators also rebounded after Federal Reserve chairman Ben Bernanke said Friday that the Fed is ready to provide additional monetary accommodation if the economic outlook continues to worsen.

Despite the world's increasing confidence in the prospects of economic recovery, some analysts believed that the crude oil price is likely to keep fluctuating or even continue to decline as the world oil market still lacks a strong stimulus and the crude oil inventory remains high.
(Source:xinhua)