The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) shed last week’s gains Monday and fell below $50, the group announced Tuesday.

The price for one barrel (159 liters) of OPEC crude dropped to $47.72 at the start of the week, down from $50.41 last Friday.

OPEC’s oil price had climed from $48.77 since March 20.

The Vienna-based oil cartel calculates a basket price based on 12 brands produced by its members.

(Rigzone)