Saudi oil minister urges OPEC to raise output
Saudi Arabia’s Oil Minister Ali Naimi announced that crude prices have risen enough and he will push OPEC to lift production, reversing last month’s cut. He said the proposal at the June 3 OPEC meeting would raise ceilings by no less than 1.5 million barrels daily to balance supply and demand.
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LNB Bancorp shares fall after multi-day slide
Lorain National Bank parent LNB Bancorp saw its stock drop to a one year low, down 6 percent then another 10 percent over Friday and Thursday trading. At week end the price stood at $18.28, with analysts noting liquidity and market dynamics in a volatile small-cap bank sector.
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Michigan marks end of Dearborn Mustang era at Ford plant
Ford Dearborn’s 86 year old plant, birthplace of the Mustang, delivered its final car a crimson red convertible as workers cheered. Ford shifts Mustang production to Flat Rock to reduce costs by up to 2 billion dollars over the next decade, ending a 6.7 million unit run since 1964.
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