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Stung by what it called “a dramatic collapse” in crude prices, the OPEC cartel said on Friday that it would reduce output by a steeper-than-expected 1.5 million barrels a day. But that action failed to brake the price decline, and oil dropped 5 percent more by the end of the day.

While oil prices have declined, an apparant exception to the workings of supply and demand, you can be sure that prices are higher than they would have been otherwise. Since oil prices are largely influenced by speculation in futures markets, it is likely that investors expected an even bigger cut in supply, not the steeper-than-expected story in the article.

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