OPEC Daily Prices Rise over 130 USD for First Time

The average daily oil prices of the Organization of Petroleum Exporting Countries (OPEC) on Monday hit the historic high of 130.87 U.S. dollars per barrel (dpb), the Vienna-based cartel said Tuesday.

The prices once retreated back to 118.56 dpb last Wednesday and rose to 118.77 dpb last Thursday. But since last Friday the prices surged 12.10 dollars higher in just two trading days, and stood over 130 U.S. dollars on Monday for the first time, or 3.87 dollars higher than the last record set on May 22.

Statistics showed that oil prices have risen from 30 dpb to 130 dpb since the beginning of 2004, 4.3 times more expensive than before.

Analysts noted that the geopolitical crisis in the Middle East region and the weak dollar were main pushers of the high oil prices.

Meanwhile, the exchange rate of the U.S. dollar against all other international currencies has been depreciating, which drove the dollar-based oil prices even higher. 

 

Source: CRIEnglish