The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose to 59.03 dollars at the start of the week, the oil cartel said Tuesday, reported dpa.
One barrel (159 litres) of OPEC crude rose by 1.60 dollars on Monday from 57.43 dollars on Friday.
The price of OPEC oil has fallen 60 per cent since the start of July, when it stood at 140.73 dollars.
OPEC calculates an average basket price based on 13 important brands produced by its members.