HOPEFUL SIGNS IN OPEC'S PRODUCTION CUT

The most encouraging aspect of the Organization of Petroleum Exporting Countries' decision to cut production is that the group met and took emergency action. A few weeks ago, OPEC ministers showed little concern about rising stocks and falling prices. The question now is whether a collective production cut of 1.445 million b/d will halt the price slide, at least until OPEC ministers reconvene July 25. Futures markets act doubtful. Much depends on how quickly and from what levels OPEC

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