Crude Oil Update

Oil prices over $60.00/bbl on news of an apparent agreement by OPEC to cut production.

OPEC ministers have agreed to remove 1 million barrels a day from its its current production, with lead producer Saudi Arabia cutting 300,000 barrels a day, an OPEC governor and a senior delegate said Thursday.

Nine out of the 11 OPEC members are to cut output, with the exception of Iraq and Indonesia, he said, and added that there was no need for an emergency meeting to ratify the production cuts.

Crude up 94c to $60.35