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Price of OPEC oil drops to 22-month low

Mohit Joshi 12 November 2008

Organization of the Petroleum Exporting CountriesVienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped to 52.24 dollars Tuesday, the lowest level since January 2007.

One barrel (159 litres) of OPEC crude fell by 2.53 dollars, down from 54.77 dollars on Monday, the Vienna-based cartel said Wednesday.

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

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