Vienna- The steep drop in the price of oil produced by the Organization of Petroleum Exporting Countries (OPEC) has halted, with the price stabilizing at 48.51 dollars, according to data released by the group on Thursday.

OPEC crude oil gained 0.02 dollars per barrel (158 litres) Wednesday, after having shed nearly 3 dollars since last Friday.

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