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US Consumers Should Feel Muted Impact From Rising Oil Price

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News video: US Consumers Should Feel Muted Impact From Rising Oil PriceOPEC's decision to cut production immediately boost oil prices, but the bump will not likely impact US consumers. The international cartel agreed to cut output by 1.2 million barrels a day. If the member nations follow through on the production cut, global oil production may fall by 1-percent. The agreement led to a rally of 12-percent for oil prices over two days, raising the price per barrel over $50. Crude has traded between $40 and $50 a barrel the last several months.

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