OPEC crude oil price soars over 70 dollars

The Organization of Petroleum Exporting Countries (OPEC)'s average crude oil price broke through 70 U.S. dollars per barrel, and hit an unexampled high of 70.38 dollars per barrel on Thursday, the cartel's secretariat said on Friday.

Due to the current vehement conflict in the Middle East, the OPEC's crude oil prices on Thursday rose sharply by 1.72 dollars from the previous day.

"OPEC has noted with concern the strong upward pressure on oil prices of the past few days," said the cartel in a statement.

However, in the statement, OPEC believed that "the market remains well-supplied with crude," and reassured that it would take any measures to keep the "market stability, with prices at fair and equitable levels."

Marketing analysts convinced that a risk on continuing soaring of oil prices "is markedly increasing."

The investors kept close watch on the development of the current Middle East crisis, Iran's nuclear issue and the weather movement over the oil fields in Mexican Gulf.

If some strong hurricane would raid Mexican Gulf, the world oil prices would broke through 80 dollars per barrel easily.

However, the pressure of the oil prices in the world oil market would be moderated, if the tension on Iran's nuclear issue would be mitigated.

Source: Xinhua