OPEC weekly oil prices fall amidst slow U.S. growth

The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped last week, falling by 0.61 U.S. dollars compared to the previous week to 76.03 dollars per barrel, the Vienna-based cartel said Monday.

Earlier, OPEC weekly oil prices kept climbing for three consecutive weeks, and reached the highest point of this year for two consecutive weeks.

OPEC oil prices showed a downward trend with fluctuation after that, which only slightly increased by 0.41 dollars on Oct. 29, and then dropped again.

A ceasefire announced by military groups in oil-rich Nigeria, and the mere 1.9 percent economic growth of the United States in the third quarter helped drag down oil prices.

OPEC officials recently reiterated their unwillingness to see high oil prices, as the world economy is experiencing a difficult recovery. OPEC hopes that oil prices range from 75 to 85 dollars during the short term.

Amid low demand for crude oil, prices would be significantly influenced by market expectations of future economic prospects and the impact of dollar exchange rate movements.

Source:Xinhua