Oil rises on OPEC cut

http://www.washingtonpost.com/wp-dyn/content/article/2006/10/05/AR2006100500092.html

LONDON (Reuters) - Oil rose on Thursday after OPEC officials said the producer group will cut output by 1 million barrels per day as soon as possible to prop up prices.

Top world exporter Saudi Arabia will lower production by 300,000 barrels per day (bpd) as part of the plan, an OPEC delegate said. Oil has slid from a peak of $78.40 in July, alarming OPEC, partly due to brimming inventories