From correspondents in Vienna, Austria, 03:30 PM IST

The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell by more than one dollar Monday, OPEC said in a statement Tuesday.

One barrel (159 litres) of OPEC-produced crude stood at $111.27 Monday, down $1.46 from $112.73 on the previous day.

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

(Staff Writer, © IANS)