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Traders work the phones at New York Mercantile Exchange

Justin Lane / EPA

Traders work in the options pit on the floor of the New York Mercantile Exchange in New York, New York, USA, 08 June 2011. OPEC (the Organization of the Petroleum Exporting Countries) announced today that it was not increasing production, pushing the price of oil higher; brent crude rose more than $1 a barrel to over $118.

Here's a story about the price of oil climbing after OPEC talks, here's a Wikipedia article about the New York Mercantile Exchange, and here's our slideshow about oil production around the world.