The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by more than one dollar on Monday, OPEC said in a statement on Tuesday.
One barrel (159 litres) of OPEC-produced crude stood at 111.27 dollars Monday, down 1.46 dollars from 112.73 dollars on the previous day, dpa reported.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.