DAVID HAFFENREFFER, CNN ANCHOR: As we have been reporting, nine OPEC member nations have agreed to raise their production to try to remedy the recent surge in oil prices. The agreement was announced late Tuesday after the close of trading here in New York. I'm joined now by Todd Benjamin in London, where oil is trading this morning, of course. Todd, what have you got for us?</s>TODD BENJAMIN, CNN CORRESPONDENT: Well, oil is down sharply today, Dave, I just checked and it's at $24.64, so that's quite a drop from yesterday's levels. In terms of the overall markets, they're a somewhat mixed bag this morning. The FTSE is off more than half a percent. The Dax is off 1/2 a percent. Paris, though, is bucking the trend. It's up slightly. And Zurich also bucking the trend, it's up about a third of 1 percent. Now let's go to some of the movers. SmithKline Beecham is up in a down market. Of course, it trades in New York and London. It's up some 3 percent. BP Amoco, after the decision by OPEC, is off 1 percent. Shell is off about a third of a percent. And in the telecom sector, Vodafone AirTouch is down 2 percent, and British Telecom is off 2 1/2 percent. Of course, both of those trade in New York, as does France Telecom. But it is bucking that telecom trend. It is up nearly 1 percent. And in terms of the currency markets this morning, the dollar is slightly weaker against the Japanese currency. The euro is back below 96 cents to the dollar, and the pound is slightly changed against the greenback but in a weakening position. Back to you in New York.</s>HAFFENREFFER: OK. Thank you, Todd, for the update. And certainly oil should be very busy here in the U.S. today. Search CNN.com CNNSI.com CNNmoney.com The Web
Oil Trades Lower on OPEC's Decision to Raise Production Quotas