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COMMODITIES: Crude Prices Decline Below $63; OPEC Quashes Talk of Output Cut

Summary: Despite the recent drop in oil prices, OPEC denied any intention to cut production. Oil prices reacted positively to the news, dropping $0.20/barrel yesterday to close at $62.76/barrel. In other commodity markets, the November natural gas futures contract fell $0.277/million BTU, but December wheat futures rose to a four month high of $4.455/bushel.
Related links: Full WSJ articleOPEC Keeping Its Eye on PricesOPEC: Lemonade CartelThe Significance of Oil's Drop Under $60Oil vs. Dow: 1987 Deja Vu All Over Again?Cheaper Oil's Downside (Part I)Cheaper Oil's Downside (Part II) • BusinessWeek: The Downside Of Cheaper Oil
Potentially impacted stocks and ETFs: Oil majors: ExxonMobil Corp. (NYSE:XOM), ConocoPhillips (NYSE:COP), Chevron Corp. (NYSE:CVX), BP PLC (NYSE:BP) and Royal Dutch Shell (NYSE:RDS.A) • ETFs: U.S. Oil Fund ETF (NYSEARCA:USO), Oil Service HOLDRs ETF (NYSEARCA:OIH).

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Source: OPEC Denies it will Cut Output