News In Brief

By CompiledRobert Kilbornand Judy Nichols

December 7, 2000

DoubleClick Inc., the nation's largest Internet advertising agency, laid off at least 120 employees this week. But the New York-based company said less than 10 percent of its 2,104-person workforce was affected. DoubleClick is the third Internet ad agency, after 24/7 Media Inc. and Engage Inc., to announce job cuts in recent months - a sign of a steep decline in ad spending by dotcom companies, analysts said.

For the first time since early August, the average price per barrel of crude oil on world markets fell below $28, the Organization of Petroleum Exporting Countries (OPEC) said. The cartel, which has increased output four times in the past 12 months, uses a pricing scale to determine its production policy. Under that policy, if crude futures prices remain above $28 per barrel for 20 consecutive days, OPEC can elect to increase production by 500,000 barrels a day. OPEC said its "basket" of seven different grades of crude opened at $26.58 per barrel yesterday after earlier soaring to 10-year highs above $35. Among other reasons, analysts attributed the new low to a needed buildup of gasoline and heating oil stocks in the US.