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NEW YORK — Oil prices fell nearly $2 Friday as dealers took profits on a widely expected move by the OPEC cartel to curb production in excess of its official 27 million barrels per day output ceiling.
"People bought the rumor about OPEC cutting production, and now they're selling the news," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.
U.S. light crude futures settled down $1.82, or 4.3 percent, to $40.71 a barrel after hitting a fresh four-month low of $40.25. London's Brent crude fell $2.29 to $37.38 a barrel.