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OPEC Closer to Deal to Cut Oil Output, Sparking Price Rally

With Saudi Arabia declaring a "critical day'' for OPEC, oil ministers of the cartel moved closer Wednesday to end infighting and reach an agreement to cut output for the first time in eight years. The price of oil rallied as chances grew that the 14-nation group will agree on individual quotas for its members — the international benchmark for crude oil soared $3.22 to $49.60 a barrel. An OPEC decision to cut production could have an impact on consumers, as...

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