OPEC to cut oil production

| Thursday, October 05, 2006

ust when fuel prices appeared headed for more reasonable levels, OPEC has announced it will cut oil production by a million barrels a day – or about 4 percent, according to The Wall Street Journal.

Thursday afternoon, Oct. 5, in New York oil futures were trading at just less than $60 a barrel at midday, down slightly from opening.

Ample supplies of oil and fuels have been cited as one big reason for the recent decline in prices at the pump.

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