The weekly average crude oil price of OPEC dropped again last week, falling by US$0.8 per barrel to US$75.98, the Vienna-based organization said Monday.

In the only two trading days last week due to holidays, the Organization of Petroleum Exporting Countries (OPEC) oil price first saw an increase and then a decline.

On the first trading day, OPEC daily average price rose to US$76.73 from US$75.78 per barrel of the previous week. However, it declined by US$1.51 to US$75.22 a barrel on the following trading day.

OPEC average oil price in the third week of this month hit a record high of US$76.78 a barrel. On November 18, OPEC daily average price struck a new high of the year with US$77.87. However, the basic trend of OPEC oil remains hovering.

Analysts believe the main reason is that the improving macroeconomic situation and a weaker US dollar are supporting the price, while at the same time, subject to such adverse economic information as the debt crisis in Dubai and high unemployment rate in America, investors get more cautious on the prospect of global economic recovery.

The trend of overall weakness of the US dollar has been lasting for quite a long time. However, given its large budget deficit, high debt, long-term trade deficit and other factors, there would still be enormous resistance for the dollar to get strong in the near future.

At present, the global macroeconomic situation is getting better, but with the approaching expiration of the national stimulating policies, the uncertainty on the prospect of economic recovery is again on the rise.

International Monetary Fund chief Dominique Strauss-Kahn said last week that the world economy currently was still largely at a standstill, despite slight improvements.

Analysts believe the various economic indicators of the US economy and the rate of the US dollar will remain as the basic factors affecting the oil price in the near future.

(Xinhua News Agency December 1, 2009)