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Oil reaches $49 ahead of OPEC meeting

China Daily | Updated: 2008-12-16 08:14

Oil reaches $49 ahead of OPEC meeting

OPEC Secretary-General Abdalla El-Badri speaks to reporters in Oran, Algeria.Bloomberg News

Crude oil rose, touching $49 in New York, after OPEC's Secretary-General Abdalla El-Badri said the group needs to make a "sizeable" production cut at this week's meeting in Algeria.

Oil reaches $49 ahead of OPEC meeting

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