Int¡¯l crude oil price to surpass $31

Since the announcement of that American oil reservoirs are at their lowest level in 24 years, international crude oil prices sharply dropped and fair-quality oil from western Texas reached 31 dollars a barrel on the New York market on August 10. The western Texas oil that was traded on this day ended at 31.34 dollars a barrel, rising 99 cents from the previous day.

Yesterday, the price rose $1.23. On the London petroleum market, Northern Sea Bretton oil for India reached 29.38 dollars a barrel, rising 74 cents from the previous day. The Executive office of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, revealed on August 10 that the price of OPEC standard oil reached 27.46 dollars on August 9, rising 71 cents from the previous day. Last week, the U.S.A. announced that its oil reservoir had unexpectedly sharply decreased for the first time in 24 years. Experts forecast that petroleum prices will remain strong for the time being.