Money Matters - Simplified

OPEC oil price continues to fall

Vienna, April 1 -- The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell by another $1.07 Tuesday, the group announced Wednesday.

One barrel (159 litres) of OPEC-produced crude slid to $46.65 Tuesday, after Monday's price drop had wiped out last week's gains.

The oil cartel calculates a basket price based on 12 brands produced by its members.

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