OPEC oil price dips below $50

The price for crude oil produced by the Organisation of the Petroleum Exporting Countries fell to $49.94, reaching yet another record low for this year.

The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell to $49.94 on Wednesday, reaching yet another record low for this year.

One barrel (159 litres) of OPEC crude was priced $2.30 dollars lower than Tuesday, the Vienna-based cartel said on Thursday.

Oil prices fell as markets reacted to plans in the United States to shift some of its economic rescue package to consumer debts, away from buying up bad mortgage assets from finance firms, analysts at JBC Energy said in Vienna.

News of slowing economic growth in China had also pushed down prices, the analysts said.

OPEC calculates an average basket price based on 13 important brands produced by its members.

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