Analysts pointed out that the devastation caused by the hurricanes had exposed US petroleum's industry's fragility. And the refineries' slow pace of recovery has eased the demand for crude oil.
138
OPEC Basket Oil Price Fell
The average price of the OPEC basket of 11 crudes stood at $56.55 a barrel last week
The average price of the OPEC basket of 11 crude stood at $56.55 a barrel last week, down $1.08 from a week earlier, showed statistics from the Vienna-based OPEC Secretariat.
The oil price on international market has been spiralling lower as US demand for crude oil and gasoline continues to decrease. OPEC's average oil price has fallen from $58.11 a barrel last Monday to $53.72 last Friday, with prices falling by nearly 1 dollar on average each trading day. It is the first time since the last trading day in July that the OPEC oil price has dropped below $54 a barrel.
Reports said currently 12 refineries still remain shut due to the impact of Hurricanes Katrina and Rita.
Analysts pointed out that the devastation caused by the hurricanes had exposed US petroleum's industry's fragility. And the refineries' slow pace of recovery has eased the demand for crude oil.
Analysts pointed out that the devastation caused by the hurricanes had exposed US petroleum's industry's fragility. And the refineries' slow pace of recovery has eased the demand for crude oil.
Подпишитесь
