OPEC oil prices high jump last week

    VIENNA, Nov. 5 (Xinhua) -- The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rose to 86.32U.S. dollars per barrel last week, jumped 4.65 dollars from the prices registered to the previous week, the cartel said Monday.

    The jump extent of the OPEC weekly average oil prices could be the second highest this year, only 0.10 dollars lower than the record of 4.75 dollars, hit in the third week in October.

    The OPEC oil prices fluctuated at a high level last week. The daily average oil prices hit 85.89 dollars per barrel last Monday, 1.09 dollars higher than the previous trading day, and jumped 2.77dollars last Thursday to 87.61 dollars per barrel before it slightly dropped to 87.57 dollars per barrel last Friday.

    Besides the high demand caused by the development of the global economy was the fundamental factor to drive up the oil prices, the main reasons for the soaring OPEC oil prices last week could also be attribute to the following factors.

    The further threat of military strike by Turkey on Kurdish militants in northern Iraq increase the worry of the international community about the situation of local security in the Middle East- the world's largest oil-producing area.

    Such crucial factors as the weak dollar and the oil stock reduction in the United States also impel the oil prices soaring. Especially since the interest rate cut of the U.S. Federal Reserve last Wednesday, the OPEC oil prices jumped almost three dollars.

    Although the OPEC decided at the minister conference in September to increase the crude oil output by 500,000 barrels per day from Nov. 1, the impact on the oil prices, however, could emerge only in several weeks.