Petroleum Exporting Countries (OPEC) oil price rose slightly last week

 Weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rebounded slightly last week, reaching 108.17 U.S. dollars per barrel, the cartel stated Monday.

A important fall on Monday after four trading days of increases, however, limited the price rise to only 0.75 U.S. dollars.

With the coming of the summer driving season inside the United States and Europe, oil demand was expected to grow. The British tanker tracking agency "Oil Movement" projected that OPEC exports could boost by 1.6 percent in the next four weeks.

Analysts also stated economic statistics of key economies, especially these of the U.S., the world's largest oil consumer, would stay important in affecting global oil costs for the near future.

A slower-than-expected boost in consumer spending and economic growth along with a rise in American jobless claims, in addition to probable deterioration of the euro area's debt crisis, would lead the world's main oil buyers to lessen their demand.

Moreover, chaos in oil-rich countries like Libya would continue to shake world confidence over a stable crude oil supply.

Considering the unfavorable U.S. economic figures and high gasoline costs, some analysts had been not optimistic that the summer driving season would stir oil consumption.

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