Vienna - The price of oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by nearly three dollars at the start of the week, the Vienna-based group reported Tuesday.

The move comes after a recent push above 70 dollars a barrel (159 litres).

The basket price for one barrel of OPEC-produced crude fell to 67.41 dollars, down from 70.27 at the close of last week.

OPE analysts said the decline was a market reaction to a World Bank report that the future of the global economic recovery remains uncertain.

The cartel's 12 member countries produce over a third of global crude oil supplies. OPEC's daily price is based on the average price of its 12 main oil varieties. (dpa)