| OPEC weekly oil prices tumble below $ 80 per barrel |
| Date: 2010/5/19 Click: 2418 |
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The weekly average oil prices of the Organization of Petroleum Exporting Countries(OPEC) fell to 77.66 U.S. dollars per barrel last week, the Vienna-based cartel said Monday.
It is the first time the oil prices closed below 80 dollars since the first week of April this year, hitting the lowest level in nine weeks.
The price drop was mainly due to a stronger dollar which surged to a four-year high against the euro on Monday, as well as investors' growing concerns about the eurozone debt crisis.
Although some euro-zone countries have approved a huge assistance program of 110 billion euros (about 145 billion dollars) to Greece recently, the prospect for the availability of the program and its impact on the world economy remain uncertain.
Moreover, there are growing concerns that such a huge rescue program could slow down the economic recovery in the euro zone.
Analysts believe the oil prices would continue to decline as long as the eurozone debt crisis remains unresolved, and the dollar remains strong.
Editor: Zhang Mingyu
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