OPEC oil price creeps down

VIENNA - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) inched downwards by 0.21 dollars Friday, the cartel announced Monday.

One barrel (159 litres) of OPEC-produced crude stood at 41.92 dollars at the end of last week.

Since Jan 6, when it stood at 46.27 dollars, OPEC’s basket price of 12 crudes has dropped by 4.35 dollars.