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OPEC Says It Will Cut Oil Output

Posted by neophyteblogger 1308 days ago, popular 1307 days ago (http://www.nytimes.com)
Category: Economy | Tags: cut oil production opec
Stung by what it called “a dramatic collapse” in crude prices, the OPEC cartel said on Friday that it would reduce output by a steeper-than-expected 1.5 million barrels a day. But that action failed to brake the price decline, and oil dropped 5 percent more by the end of the day.
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