OPEC Announces 2.2 Million Oil Barrel Cut

OPEC has announced it will cut 2.2 million barrels from its daily oil production, the largest proposed reduction in the cartel's 48-year history. The announcement follows a steep decline in oil prices in recent months as the worldwide economic slump has dragged down energy demand. The news failed to boost oil prices -- crude oil fell more than 7 percent to below $40 per barrel on Wednesday. Officials from the Organization of Petroleum Exporting Countries, who are currently meeting in Oran,... Full Story