OPEC crude price drops below $128

July 21st, 2008 - 4:25 pm ICT by IANS  

Vienna, July 21 (DPA) The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to fall Friday, dipping below $128, OPEC said in a statement Monday. One barrel (159 litres) of OPEC-produced crude stood at $127.93 dollars Friday, $3.10 lower than $131.03 the previous day.

OPEC crude fell $11.92 in the week since Friday July 11, when it stood at $139.85.

The oil cartel calculates an average basket price based on 13 important brands produced by OPEC members.

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