The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by nearly 4.60 dollars on Tuesday, the lowest in two months, as markets continued to react to lower demand outlook, reported dpa.
One barrel (159 litres) of OPEC-produced crude stood at 116.22 dollars a barrel Tuesday, down 4.58 dollars from 120.80 dollars on the previous day, data released by OPEC showed Wednesday.
Markets seemed to be more concerned with lower demand outlook in countries including the United States than with hurricane forecasts for that country, Vienna-based oil consultancy JBC wrote in a brief.
The last time OPEC crude stood below 120 dollars was on June 5, at 118.75 dollars.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.