OPEC to Cut Oil Production; Crude Falls

Updated from 5:50 a.m. EDT

The Organization of Petroleum Exporting Countries, in an emergency meeting in Vienna Friday, announced production cuts of 1.5 million barrels a day in an effort to stem a steep price decline.

Crude oil prices have fallen almost 60% from a record high of $147.27 a barrel hit in July. For now at least, the reduction wasn't lifting prices. Crude oil on the New York Mercantile Exchange was down $2.93 to $64.91 a barrel and earlier reached a new 16-month low. Brent was falling $3.09 to $62.83.

Heating oil was lower by 7 cents at $1.96 a gallon, and reformulated gasoline was dropping 8 cents to $1.50 a gallon. Natural gas was declining by 13 cents to $6.29 per million British thermal units. ...