The price of crude oil which produced weekly by cartel OPEC member countries (Organization of Petroleum Exporting Countries) average continued to decline, this time at U.S. $ 109.41 per barrel. Last 2 weeks, oil prices fell by 0.87% or 10.38 U.S. $ compared to the last weekend in April.
At the beginning of last week, quoted by Xinhua, the OPEC oil price rose slightly due to the weakening of the dollar and large purchases by speculators market as evidence of falling oil prices. But the situation did not last and prices back down.
According to the analysts, the decline in OPEC oil prices was followed by improvement in investor confidence over the supply of crude oil and crude oil prices that pushed up to a certain extent.
The decline in prices is also in line with the increase of crude oil reserves of the United States to its highest level in almost two years. Also at International Energy Agency (IEA) lowered projections for global oil demand this year for the first time. It also supported from an appreciation of U.S. dollar exchange rate.
Overall, OPEC oil prices last week showed levels of maximum fluctuation with daily amplitude of more than 3 U.S. $, this shows that the international crude oil market is still relatively stable.
Since April, as the biggest crude oil consumer, the U.S. economic situation has fluctuated that make economic perspective become uncertain. In addition, changes in the value of the dollar also affect the price of oil. On the other side, the problem of debt in the eurozone has an influence on the U.S. dollar and also affect the price of oil for some time.
All of the above factors will influence the international oil prices for the next time period. Especially the Greek settlement of the debt problem that would cause great concern in the market.
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