OPEC weekly oil price drops

11:43, 6 October 2009

The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) kept dropping to 65.75 U.S. dollars per battle last week, 1.05 U.S. dollars lower than the previous week, the Vienna-based cartel said on Monday, Xinhua reported, Kazinform cites Trend News.

On the first four trading days of last week, OPEC oil prices gradually rose from 64.07 dollars to 67.70 dollars a barrel on Thursday.

During this period, U.S. President Barack Obama's statement of hard-line stance on the Iranian nuclear issue had played an important role in lifting the oil prices, which caused OPEC oil prices to rise by 2.15 dollars a barrel from last Wednesday to Thursday.

However, both the U.S. and Iraq have said that as the six-party talks had made some achievements, and Iran also allowed international inspectors access to its second nuclear facility to carry out inspection, the market's concerns caused by Iranian nuclear issue had been soon alleviated.

In addition, a series of the latest economic figures released by the United States last week were not optimistic, and which, to a certain extent, could undermine the oil price increase.

According to the latest report from the U.S. Department of Labor and the Commerce Department, the country's unemployment rate in September has hit a new high since 1983, reaching 9.8 percent, Kazinform refers to Trend News.

See www.trend.az for full version.

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