The New Nation - Internet Edition

AP, Singapore

Oil prices rose Wednesday in Asia after OPEC said it would cut more than 500,000 barrels a day of production that exceed its self-imposed output quotas. Light, sweet crude for October delivery rose 77 cents to $104.03 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore. The contract fell $3.08 overnight to settle at $103.26, the lowest close since April 1. A statement by the Organization of Petroleum Exporting Countries issued after oil ministers ended their meeting Wednesday in Vienna said the organization had agreed to produce 28.8 million barrels a day. OPEC President Chakib Khelil said that quota in effect meant that member countries had agreed to cut back 520,000 barrels a day of excess production.