OPEC Hems, Haws, Oil Falls Further

Good news.

Oil prices fell slightly on Wednesday as confusion about OPEC's production plans persisted.

The president of the Organization of Petroleum Exporting Countries, Nigerian oil minister Edmund Daukoru, says there is an agreement to cut production by 1 million barrels a day starting next month.

But Saudi Arabia, the country whose participation is necessary to make any significant output reduction, has not publicly confirmed this.

"The market just doesn't believe" a supply cut is imminent, said Societe Generale's director of commodity strategy Michael Guido.

The decline has surpassed "slight" in afternoon trading, with crude futures off better than 1% today, trading below $58 per barrel.