According to the figure released by OPEC ( Organization of Petroleum Exporting Countries ), on the 3rd August 2009,  crude oil average price per barrel has rise to 67.66 US dollars last week, comparing to preceding week, it has rise 1.94 US dollars.

In the first week of July 2009, crude oil price was at USD68.23 per barrel. During the last week of July, the price appears to be of V-shape in fluctuation. It was at 69.01 US Dollars per barrel on Monday ; Drops to  65.81 US Dollars per barrel on Wednesday, before recovers to 68.59 US Dollars per barrel on last trading day of the month, 31st of July.

Most analyst believed that the factors behind the hike in crude oil price are mainly contributed by weak US dollar, yet strong American Stock market performance . In addition, factor like huge US financial budget deficits that brings down the Dollars performance is also one major affecting element that continue to push the crude oil price higher.

Even as the US economy shows positive signs and might be bottoming out soon, as the recent GDP data might suggest  signs of recovery, most analysts still foresee that the crude oil price would likely to continue climbing up, as recovery route is still a long way to go, in view of the fundamentals are still very much lacking in place.

Further, with job loss rate continue to climbs, it looks like US Administration would likely needs to push more stimulus packages in order to continue driving over current economy storm. Adding to the burden of the people, commodities prices are likely to climbs in months ahead, as the Dollars are still much weak. With the commodities price continue to hike, normal households are the one whom would really feel the pain ! There are still much to work on for the Administration, just like what the President had mentioned earlier on – Unless the Job Loss is STOP, the economy is not considered as ‘Recovered’ as yet !