Oil prices up on OPEC output cut announcement

(AGI) New York, Sept 16 - The price of oil rose after anannouncement by OPEC's secretary general, Abdallah El-Badri,that the organisation would be cutting production. As areaction to a global drop in demand, El-Badri estimates thatOPEC will reducing daily output from 30 million barrels to 29.5million barrels at the next summit in November. Light crude inNew York rose 52 cents to USD 93.44 per barrel and London Brentgained 73 cents to USD 98.61 per barrel. . .

(AGI) New York, Sept 16 - The price of oil rose after anannouncement by OPEC's secretary general, Abdallah El-Badri,that the organisation would be cutting production. As areaction to a global drop in demand, El-Badri estimates thatOPEC will reducing daily output from 30 million barrels to 29.5million barrels at the next summit in November. Light crude inNew York rose 52 cents to USD 93.44 per barrel and London Brentgained 73 cents to USD 98.61 per barrel. . .