VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries went down to $44.77, the OPEC Secretariat said on Tuesday.
The OPEC said the price of its basket decreased by 0.75 percent on Monday compared with the closing price at the previous session.
This is the fourth consecutive reduction of OPEC crude oil prices.
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 per barrel at the start of Tuesday’s trading on the futures market, a 0.25 percent increase since the previous session’s close.