Oil prices to steady in first two months of 2009

On Friday, oil prices ebbed to US$37.7 in London. Left with no other choice, OPEC members have started reducing oil supply in line with the group's biggest-ever output cut of 2.2 mln bpd agreed earlier this month. Once the cut is implemented in total by all the members, thereby reducing supplies, crude prices are expected to begin stabilising within the next two months.
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