From correspondents in Vienna, Austria, 05:31 PM IST

The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has dropped below $115, 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 a barrel Wednesday, $1.58 lower than $116.22 on the previous day.

Wednesday's price was the lowest since May 6, when a barrel cost $177.310.

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

(Staff Writer, © IANS)