OPEC weekly crude oil price rebounds to back over $70

The weekly average crude oil price from OPEC rebounded back over $70 per barrel to $71.79 last week, the first time for the OPEC weekly average oil price to pick up following a consecutive price decline in four weeks. OPEC member countries weekly average oil price hit its record high this year of $83.36 in the last week of April 2010, which was followed with a continual decline, reaching $68.95 in the last week of May. It was also the lowest level of the past 35 weeks. The rebound in oil price last week was mainly due to the strength of the US dollar, analysts said, adding that the supply demand relationship on the international crude oil market has so far remained unchanged. While the US dollar continues to be strong for some time, the above two factors will put pressure on oil prices, resulting in oscillating oil prices in the near future, according to the analysts. Oil price range of $75 to $90 is fine says Kuwait Minister WTI oil price nears $75 after US crude supply data WTI oil price trading higher, over $73 on US supplies data WTI oil price at $69 mark on strong dollar, high stocks Asia’s richest man says get ready for $100 crude oil price Light oil price holds at $86, awaits latest US oil stock data Brent oil price trading at 2010 highs on contract expiry Brent oil price surges in record trading, next stop $90? Oil prices trading firm on US data, homing in on $90 barrel Oil price is strong despite headwinds Iran’s Khatibi say’s $100 crude oil price is “good price” Brent oil price trading over $74 on US market bounce Oil prices open trading around $72 mark, US dollar gains WTI oil price trading down 3 percent on firm US dollar Index OPEC signals that oil prices may need boost under $65 July WTI Light oil price trading near $73 on US data Brent oil price trading at $74 as new Euro concerns hit WTI oil price finds support around $70 trading range, firms Brent oil price hangs at $80, big premium on WTI crude Light oil price trading near $76 on European debt concerns

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OPEC weekly crude oil price rebounds to back over $70