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From Times Staff and Wire Reports
The United Arab Emirates, whose overproduction led to the current world glut of crude oil and a 30% drop in prices, said it will start cutting daily output immediately by up to 500,000 barrels . . . The Investment Company Institute reported that the assets of the nation’s 512 money market mutual funds increased $3.10 billion to $385.83 billion for the week ended July 11.
