Monday, November 3, 2008

OPEC crude price falls to $57.65

The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell to $57.65 Friday, the oil cartel said Monday.

One barrel (159 litres) of OPEC crude cost $2.27 less on Friday than on Thursday, when it stood at $59.92.

The price of OPEC oil has fallen 60 percent since the start of July, when it stood at $140.73.

OPEC calculates an average basket price based on 13 important brands produced by its members.

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