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 January 11, 2016 - 7:46 PM EST
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OPEC crude drops to $27.07, lowest price since 2003

, Jan 12 (EFE) .- The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries, or OPEC, dropped to $27.07 a barrel, its lowest value since 2003, the OPEC Secretariat said today.

OPEC said the price of its basket, which includes 12 varieties of crude, declined by 4.88 percent yesterday, compared with the closing price of the previous session.

The price of OPEC black gold started to sink massively early last year due to the group's decision to maintain its production level despite the oversupply in the market.

February delivery of Brent crude opened at $30.68 a barrel at the start of Tuesday's trading on the futures market, with a decrease of 2.75 percent from the previous session's close. EFE


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Source: News (January 11, 2016 - 7:46 PM EST)

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