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OPEC Cuts Oil Output by 1 mln bpd

OPEC has agreed to cut "about 1 mln barrels a day" to prop up oil prices

OPEC, the producer of 40% of the world?s oil, has agreed to cut ?about 1 mln barrels a day? to prop up oil prices that have lost almost a quarter of their value in recent months, Kuwait?s oil minister said.

Prices hit a seven-month low on October 4. November crude oil futures on the New York Mercantile Exchange traded above $61 a barrel for the first time in four sessions about half-an-hour after the Kuwait oil minister?s comments were reported.

Crude fell to $57.75 on October 4 as US inventories rose and concern eased about a stand-off between the US and Iran, the world?s fourth-largest oil producer, over Iran?s nuclear research.