Thursday, September 25, 2003

OPEC Cuts Its Oil Output by 3.5 Percent


The cut startled the market, where oil futures jumped more than $1 a barrel. OPEC defended its decision as an effort to keep prices from plunging when demand slackens early next year. White House spokesman Scott McClellan, with President Bush in New York, would not comment directly on OPEC's decision but said the economy depends on stable oil supplies and prices.

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