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Oil Prices Add to Gains on OPEC Rumors, U.S. Dollar Weakness

Oil Prices are adding to astounding gains as speculation grows that OPEC may cut production as well as the falling U.S. dollar.
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Oil Prices are adding to astounding gains as speculation grows that OPEC may cut production as well as the falling U.S. dollar. Oil soared 8% Wednesday. There are reports that several oil-producing nation, including some in OPEC but not Saudi Arabia, have agreed to discuss production cuts. Sumner Redstone is stepping down as Chairman of CBS (CBS). He will be replaced by Les Moonves, currently the CEO of CBS. The 92 year old Redstone has been under pressure from shareholders and is facing a lawsuit challenging his mental competence. A company spokesperson said the Viacom board is scheduled to meet today, where it is expected that directors will discuss who would succeed Redstone. Former Turning Pharmaceutical CEO Martin Shkreli is scheduled to testify before a congressional committee today on skyrocketing drug prices. However, his attorneys have advised his to invoke his 5th amendment privileges against self incrimination and not answer any questions.

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