Talk of Oil-Supply Cut Sends Prices Higher

By Kevin Spak,  Newser Staff
Posted Feb 9, 2009 9:22 AM CST
Marathon's Texas City refinery is shown in Texas City, Texas, Sept. 11, 2008.   (AP Photo/David J. Phillip, file)
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(Newser) – Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member group.