VIENNA, Aug. 29, (Xinhua) -- The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) rose slightly by 1.11 U.S. dollars per barrel to 106.28 dollars last week, over concerns about hurricane Irene which targeted the U.S. east coast over the weekend.
OPEC oil prices fell by a marginal 0.09 dollars on Friday, after rising through the first four trading days last week, supported by concerns about possible damages to the U.S. infrastructure by Irene.
However, the market's fear for the weather damage is partly offset by the Libyan rebels forces' military gains in Libya, as the market expected a soon return of the oil-rich North African country to the international crude oil market.
With remaining uncertainties in the U.S. economy and a lingering debt crisis in Europe, analysts believe oil prices would continue to be weak with slight fluctuations in the short-term future.
Data published Thursday showed initial U.S. weekly jobless claims rising up to 417,000, dimming hopes of an imminent recovery in the U.S. jobs market.
The U.S. Federal Reserve chairman Ben Bernanke's failure to mention any new stimulus measure for the ailing U.S. economy on Friday, together with record high U.S. stockpiles of crude oil and oil products despite a low level of demand, also added pressure on the international oil prices.
