Crude dips to $57. 57

Vienna, October 27:

Price of crude oil produced by Organisation of Petroleum Exporting Countries (OPEC) fell below $60 on Friday, despite a decision to curb production.

Growing recession fears sent stock markets and oil prices downward, with a barrel (159 litres) of OPEC crude at $57.57 on Friday, $2.70 lower than the previous day, according to OPEC data.

The 19-month low came on the same day that OPEC oil ministers decided at an emergency meeting in Vienna to cut their total output by 1.5 million barrels per day from November 1, in order to stop the oil price from falling. The cartel is scheduled to meet next in Oran, Algeria on December 17. But OPEC president Algerian energy minister Chakib Khelil said the group might meet again before that if needed.

OPEC calculates an average basket price based on 13 important brands produced by the cartel.