OPEC reference basket below $29 a barrel

The OPEC reference basket of crudes dropped by $1.33 (4.5%) to $28.36 per barrel. The price was $29.69 per barrel the previous day.

The average price in February is $29.03 per barrel, RIA Novosti reports.

Recall, OPEC Reference Basket's price is an average of prices for petroleum blends from the OPEC member countries.