Vienna - Dropping by 1.86 dollars Monday, the price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) went below the 50-dollar mark, the group announced Tuesday.

One barrel (158 litres) of OPEC crude oil stood at 49.59 dollars on Monday. The price had meandered between 50 dollars and 52.26 dollars since early April.

The Vienna-based cartel calculates an average price based on 12 brands produced by its members. (dpa)