The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 1.13 dollars Monday, as the cartel made a further downward revision in its demand outlook for 2009, reported dpa.
One barrel (159 litres) of OPEC crude stood at 47.96 dollars, compared with 49.09 dollars last Friday, the Vienna-based organization said Tuesday.
In its latest monthly market report, OPEC forecast 86.68 million barrels per day of crude-oil demand for next year, 530,000 barrels per day less than predicted in October.
OPEC oil ministers are set to meet in Cairo on November 29 to discuss possible further reductions in oil production.
The cartel calculates an average basket price based on 13 brands produced by its members.