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OPEC crude price dips below 115 dollars

Sahil Nagpal 7 August 2008

OPEC Vienna- The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has dropped below 115 dollars, to its lowest price since early May, figures released by OPEC showed Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 114.64 dollars a barrel Wednesday, 1.58 dollars lower than 116.22 dollars on the previous day.

Wednesday's price was the lowest since May 6, when a barrel cost 114.69 euros.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

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