VIENNA, Austria (Bloomberg) -- The average price of benchmark OPEC crudes dropped below $90/bbl for the first time in more than two years amid muted demand and ample supplies. The so-called OPEC basket, a weighted average of the main grades produced by the Organization of Petroleum Exporting Countries, slipped to $89.37/bbl on Oct. 7, the group’s Vienna-based secretariat said by email. It’s the first time their reference price has dropped below $90 since June 25, 2012.
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OPEC’s oil price falls below $90 for first time since June 2012
![OPEC’s oil price falls below $90 for first time since June 2012]()
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