Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped by 3 cents on Monday, OPEC said on Tuesday.

One barrel (159 litres) of OPEC-produced crudes stood at 119.24 dollars on Monday, compared with 119.27 dollars the previous Friday.

OPEC calculates an average basket price based on 13 brands produced by the cartel's member states. (dpa)