OPEC oil price halts slide

The oil price of the Organization of the Petroleum Exporting Countries (OPEC) stopped sliding at the start of the week, the group reported Tuesday, as positive news came from the US manufacturing sector, DPA reported.

OPEC-produced crude oil gained 0.01 dollars and settled at 71.02 dollars per barrel (159 litres) on Monday, the first price increase since mid-January.

In January, the US manufacturing sector showed the strongest increase since August 2004, according to the latest report from the US Institute for Supply Management.

OPEC's 12 member countries produces 34 per cent of global oil supplies.