VIENNA, Dec. 5, (Xinhua) -- During the passing week, the weekly average price of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly by 1.54 U.S. dollars, reaching 109.59 dollars per barrel, the Vienna-based cartel said Monday.
However, OPCE oil price would maintain its trend of oscillation for a period of time. It is expected that the U.S. economic outlook, the movement of European debt crisis and the possibility of rise in OPEC crude oil output would be the major factors affecting oil prices in the next period of time.
The latest report released by the U.S. Labor Department on Friday showed the U.S. non-farm payrolls and unemployment rate in November fell to 8.6 perent, representing the lowest level since March 2009.
Some international institutions for economic analysis expect that the U.S. unemployment rate is likely to have a falling trend, which improves the investors' confidence in U.S. economic recovery.
The U.S. Labor Department's nonfarm payrolls report has always been seen as a "barometer" of U.S. economy. As the world's largest oil consumer, the U.S. economic recovery will undoubtedly boost the international crude oil market significantly.
At the same time, however, the increasing tensions between Iran and the Western countries exacerbated the geopolitical crisis, increasing the risk of Iran's crude oil exports.
As an important OPEC producer, it is also more likely for Iran to be against the growth in OPEC crude oil output at the cartel's oil ministers' meeting this month in Vienna.
Some analysts believed that although the international oil price remains high, there is no need for OPEC to increase its production. Abdalla Salem El-Badri, Secretary General of OPEC and some OPEC oil ministers also said on Sunday that there is sufficient supply on the global oil market.
A decision of OPEC with no production growth would undoubtedly make the international crude oil investors relieved. Some analysts even worry that this may lead to further rise in oil prices, thus delaying the process of world economic recovery.
The prospect for settlement of the European debt crisis also plays an important role on the global crude oil market.
On Monday, Germany Chancellor Angela Merkel and French President Nicolas Sarkozy are meeting in Pairs to discuss a proposal to be submitted to the EU summit on Friday. The proposal is considered as vital in deciding the very existence of the euro area.
