From correspondents in Vienna, Austria, 05:34 AM IST

The price of crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has plunged below $100 per barrel for the first time since late March, according to OPEC data released here Wednesday.

On Tuesday, one barrel (159 litres) of OPEC-produced crude stood at $98.49, $2.59 less than the previous day's $101.08.

OPEC's latest price announcement came before its decision early Wedensday to cut overproduction.

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

(Staff Writer, © IANS)