Vienna - The price for OPEC-produced oil was inching toward the 50-dollar mark Monday, reaching 48.77 dollars for one barrel (159 litres) of OPEC crude, the group announced Tuesday.

The price had been 47.39 dollars for a barrel a day earlier.

Energy consultant JBC attributed the rising price to cutbacks in OPEC production and lingering concerns about the state of global financial markets. Overall, oil prices rose by about 10 per cent worldwide in the last week.

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