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Byline: CHRISTINA WISE
Despite some internal debate, OPEC said Wednesday it'll go ahead and scale back production by 4% starting April 1. But crude prices fell on another strong rise in U.S. stockpiles.
The Organization of Petroleum Exporting Countries agreed at its Vienna meeting to cut its official production target by 1 million barrels a day.
Kuwait and the United Arab Emirates, worried prices are too high, reportedly wanted the cut to be delayed. But Saudi officials pushed for its implementation.
Also Wednesday, the Energy Information Administration said U.S. crude stockpiles rose 5.7 million barrels to 294.3 million, the highest since August 2002. It was the sixth gain in seven weeks.
New York May crude oil futures fell as much as $1.40 a barrel, but closed down 49 cents to $35.76.
Gasoline futures, which hit an 18-year high intraday, reversed after U.S. gasoline inventories rose for the first time in weeks.