OPEC says further production cuts possible

| Monday, November 06, 2006

The president of OPEC says the world market is over-supplied with oil and that the oil cartel may need to further cut back on production.

That statement may have contributed to a $1-a-barrel increase in oil prices in trading in New York Monday morning.

As for diesel fuel prices, ProMiles says the national average price dropped a penny over the weekend to $2.52 a gallon.

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