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Opec agrees to cut oil production Oil falls despite production cuts
(40 minutes later)
The oil producers' cartel Opec has agreed to cut the production of oil by 1.5 million barrels a day in an attempt to shore up prices. World oil prices have fallen further, undermining producers' cartel Opec's efforts to steady prices by cutting 1.5 million barrels a day from output.
The decision comes after an emergency meeting of oil ministers in Vienna. The decision to cut about 5% of the cartel's total daily output came after an emergency Opec meeting in Vienna.
But fears of slumping demand which have been causing prices to fall threaten to undermine the production cuts. But the move did not halt the sliding oil price, with US sweet light crude dropping more than $3 to $64.61. London Brent fell a similar amount.
US light, sweet crude dropped below $66 a barrel at one point, while in London Brent crude fell almost $5 to $62.66 before clawing back some of its losses. Recession fears have pulled oil down from a high of $147 a barrel in July.
The cut in output will take effect from 1 November.
Analysts had expected Opec to cut output by at least one million barrels a day.
The meeting, originally planned for November, was brought forward because of growing concerns about the impact of the financial crisis on the oil market.
Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back steadily.
Prices now stand at levels not seen since June, amid fears a global economic recession will cut demand.
Members of Opec are responsible for producing about 40% of the world's total supply.