As anticipated, the Organization of Petroleum Exporting Countries (OPEC) announced Friday that it will decrease oil production by 1.5 million barrels a day, due to a recent alarming reduction in demand. Despite news of the cut, light, sweet crude for December delivery fell $3.24 to $64.60 a barrel on the NYME. OPEC officials made it known that they were prepared to make further cuts if oil prices continue this rapid downward trend.
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