Vienna - The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) shed last week's gains Monday and fell below 50 dollars, the group announced Tuesday.

The price for one barrel (159 litres) of OPEC crude dropped to 47.72 dollars at the start of the week, down from 50.41 dollars last Friday.

OPEC's oil price had climed from 48.77 dollars since March 20.

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