VIENNA, Dec. 7 (Xinhua) -- The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) grew slightly last week, hitting a record high of 77.11 U.S. dollars per barrel this year, the Vienna-based oil cartel said Monday.

    The prices went up 1.32 dollars from the previous week, exceeding the earlier record high of 76.41 dollars set in the fourth week in October.

    The figures released by OPEC also showed OPEC daily average prices struck a record high of 77.88 dollars on Dec. 1.

    Although OPEC oil prices hit two new highs last week, the basic trend of OPEC oil prices was still fluctuated within a narrow range.

    Over the past two months, OPEC weekly average oil prices remained fluctuated around 76 dollars per barrel with a narrow range only 1.32 dollars.

    Last week, OPEC oil prices showed rises in the first several days. Analysts believed the rises were closely related to the fluctuation of the U.S. dollar exchange rate.

    Early last week, the U.S. dollar exchange rate fell significantly, dropping to 1 euro against 1.5108 dollars. It was followed by OPEC oil prices rising to a new record of 77.88 dollars a barrel.

    However, during the latter part of last week, the U.S. dollar rebounded and the oil prices declined accordingly.

    The rise in the dollar exchange rate put even more impact on oil prices than the reduction in the U.S. unemployment rate.

    According to the latest figures from the U.S. Department of Labor, its unemployment rate remained as high as 10 percent in November. To some extent, it also reflected the outlook of U.S. economic recovery remains weak in the short term.

    With regard to the movement of international oil prices for a period of time, senior market strategist Rich Ilczyszyn from the U.S. company "Lind-Waldock" said, "The current biggest factor affecting the oil prices is U.S. dollar, namely, whether the dollar can continue its uptrend."

    "If the dollar exchange rate keeps rising, the oil prices may even fall to below 70 dollars a barrel or even lower," he said.

    The 155th OPEC oil minister meeting will be held on Dec. 22 in the Angolan capital Luanda to discuss future oil production.

    Recently, OPEC officials noted the current levels of OPEC oil production were relatively modest and should be maintained.

    Saudi Arabian Oil Minister Ali Naimi said on Dec. 4 that there would be no need to adjust OPEC oil production quotas.

    He said, "The current oil prices are appropriate, and the price range between 75-80 U.S. dollars per barrel is close to the goal we set."