Commodity Online
VIENNA : Organization of the Petroleum Exporting Countries on Thursday said the price for oil produced by its member countries inched downwards to $40.75 on Wednesday.

In a statement issued here the cartel said, one barrel of its crude stood $0.85 lower than on the previous day.

The Vienna-based organization calculates an average price based on 13 brands produced by its members.

On Friday and Monday, OPEC will not publish prices due to holidays.