OPEC crude remains above $40 a barrel

Organization of the Petroleum Exporting Countries on Tuesday said the price for oil produced by its member countries slid by $1.64 on Monday.

However the prices continued to wander above $40, OPEC said in a statement issued here.

One barrel of OPEC-produced crude stood at $40.53 dollars on Monday compared with $42.17 on the previous day.

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