OPEC production cuts send a message to the oil market
Unofficial talk of further production cuts seems to be lurking from many different sources and those cuts may come as soon as December. Qatar energy minister Abdullah bin Hamid Al-Attiyah said that the cartel's members are not excluding further cuts while the Dow Jones Newswire reported that OPEC president Edmund Daukoru said that the possible need of a further half million barrel cut was "in line with my own thinking."
By the end of the day, the price of light sweet crude oil rose 47 cents to 58.97.
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