Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dipped below 40 dollars Tuesday, as stocks fell across Europe.

One barrel (159 litres) of OPEC-produced crude stood at 39.89 dollars Tuesday, 1.50 dollars lower than on the previous day, the Vienna-based cartel announced Wednesday.

Besides a drop in European stock indexes, demands by United States carmakers General Motors Corp and Chrysler LLC for more government funds added to the negative market sentiment, Vienna-based analysts JBC Energy said. (dpa)