VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries went down to $45.11, the OPEC Secretariat said on Monday.
The OPEC said the price of its basket decreased by three percent on Friday compared with the closing price at the previous session.
This is the third consecutive reduction of OPEC crude oil prices.
The analysts have attributed the recent downward to a supply glut, which has been pushing the oil prices down for years.
The September delivery of Brent crude opened at $47.04 per barrel at the start of Monday’s trading on the futures market, a 0.7 percent increase since the previous session’s close.