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OPEC daily basket price drops

Last Updated: Tuesday, March 17, 2015, 16:53

The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $49.46 a barrel on Monday, compared to $51.66 last Friday, dropping over $2, the organisation`s secretariat said.

Oil price recovery not backed by fundamentals: OPEC

Last Updated: Monday, March 16, 2015, 19:56

A recovery in oil prices which began last month is not justified by fundamentals as there remains a supply glut in the market, oil cartel OPEC said Monday in its monthly report.