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CNN Live At Daybreak

Russia Agrees to 50,000 Barrel a Day Cut

Aired November 23, 2001 - 06:12   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DONNA KELLEY, CNN ANCHOR: Let's go to New York for a business update with our Deborah Marchini -- hi, Deb.

DEBORAH MARCHINI, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Donna -- good morning to you. Wall Street heads back to work this morning after a one-day vacation. The markets reopen for a shortened session. The closing bell is going to ring three hours early today at 1:00 p.m. Eastern Time.

As for the direction of the markets, it does not look like we'll see too many dramatic price swings. The day after Thanksgiving usually is one of the lightest trading days of the year. Right now, the stock index futures point to a mixed to flat open for the broader market -- a slight uptick for the techs.

Keep an eye on oil prices today. Russia, not a member of OPEC, says its oil companies have agreed to cut output by 50,000 barrels a day this quarter. That is far less than what OPEC was hoping for. Last week, OPEC said it would deliver on plans for a million and a half barrel-a-day cut if non-OPEC members, including Russia, would also make deep cuts. But New York crude doesn't begin trading for a few more hours, but so far in London, Brent crude is down $1, just under $19 a barrel.

And that's a quick check on business.

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