( dpa ) - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its downward trend on Friday, the Vienna-based OPEC Secretariat said on Monday.
On Friday, one barrel ( 159 litres) of OPEC crude stood at 86.06 dollars, down 24 cents from the previous day. OPEC calculates an average basket price based on twelve important brands produced by cartel members.
Ahead of their upcoming February 1 meeting, OPEC members said there was no need to increase production quotas as the market was being well supplied, despite US calls to increase output.