OPEC basket daily price closes lower

Vienna:The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $48.40 a barrel on Monday, compared to $50.50 last Friday, the organisation's secretariat said.

The OPEC Reference Basket of Crudes is made up of Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia) and Merey (Venezuela). 

A barrel equals 159 litres.