Saudis Vow to Ignore OPEC Decision to Cut Production and Dollar Breaks through $1.40/Euro

From the New York Times:

Hours after suffering a rare setback in a negotiating session at OPEC’s headquarters, Saudi Arabian officials assured world markets on Wednesday that they would ignore the wishes of other cartel members and continue to pump plenty of oil.

The late-night bargaining session ended early Wednesday morning with a surprise declaration that OPEC would cut production to shore up sagging prices. Saudi negotiators publicly endorsed that position, but then spent much of Wednesday privately spreading the word that they did not feel bound by it....MORE

From the International Herald Tribune:

Euro below US$1.40

The 15-nation euro dipped below US$1.40 Thursday, hitting a 12-month low amid the recent reprieve from high oil prices.

In morning European trading the common currency bought US$1.3915, down from US$1.4033 the night before in New York.

The British pound slipped to US$1.7494 from US$1.7560 the night before, while the dollar dropped to purchase 107.03 Japanese yen from 107.76 late in New York....MORE