News In Brief

U.K. joins Norway in cutting price of oil from North Sea

Britain cut the price of its North Sea oil $1.35 to $28.65 a barrel Wednesday , the British National Oil Corporation announced. Britain's move came after Norway cut charges for its North Sea oil by $1.50 to $28.50 a barrel because of a glutted market and low demand. These moves put added pressure on prices charged for oil produced by the Organization of Petroleum Exporting Countries, whose benchmark price for crude oil is $29 a barrel. OPEC leaders have already had to urge the cartel's 13 members to lower production if necessary to support prices.