OPEC Prices Rebound Slightly Last Week

The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly to 49.7 U.S. dollars per barrel last week, the Vienna-based cartel said Monday.

The daily average prices of the OPEC crude oil climbed to 50.36 and 50.41 U.S. dollars in the last two trading days of last week respectively, but the weekly prices remained below 50 dollars because of the relatively low prices of the first three trading days, according to the OPEC Secretariat.

Last month, the Group of Seven major industrialized nations predicted the global economy would begin to recover later this year and recent statistics also indicated that the world's major economies have slowed down the sliding, all favorable factors for the oil market.

Experts believed oil prices may go slightly upward with fluctuations. However, oil prices would not really rebound if the world economy does not actually recover. 

Source: CRIEnglish