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OPEC to announce at its meeting in Algeria that it would cut output, possibly by as much as 2 million barrels a day, and as investors waited to see whether Russia would join in the production cuts.

By mid-afternoon in Europe, light, sweet crude for January delivery was down 36 cents to $43.24 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, prices reached $45.50 before falling back.

ERX @45