Vienna  - The price of oil from the Organization of the Petroleum Exporting Countries (OPEC) dropped by 3.10 dollars at the start of the week, the cartel announced Tuesday, amid concerns about global economic recovery.

The group's basket price fell to 68.04 dollars per barrel (159 litres) Monday, sliding below the 70-dollar mark for the first time since the end of July.

US stocks lost heavily on Monday, following other major indices around the globe, as investors appeared to grow wary of the signs of economic optimism.

OPEC's 12 member countries produce some 30 per cent of the world's crude oil. (dpa)