The Organization of Petroleum Exporting Countries's weekly average crude oil price reached 70.35 U.S. dollars
The Organization of Petroleum Exporting Countries's weekly average crude oil price reached 70.35 U.S. dollars per barrel last week, 1.75 dollars higher than the prices in the previous week, the cartel's secretariat said on Monday.
It's also the first time that OPEC's weekly average oil prices broke through 70 dollars per barrel in history.
Due to the geopolitical tension in the Middle East, OPEC's oil prices rose consecutively in the first three trading days last week.
After hitting the peak of 71.20 dollars per barrel last Wednesday, the prices dropped slightly, ending at 71.09 dollars per barrel last Friday.
OPEC expressed worry about the BP's decision in a statement on Monday. But an OPEC official told media that OPEC is capable of offsetting the drop in oil supply in international market caused by the BP decision.
