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Britain expected to cut price of oil on Friday

Britain is expected to cut the price of its North Sea oil on Friday, industry sources said. The move - the first by a major producer in the glut - would have an immediate effect on world oil prices and could prompt swift action by OPEC to cut its own rates, oil analysts said. Britain's state oil-trading company informed customers it expected to be in a position to make a recommendation on the North Sea price but would not comment on the size of the cut. Industry sources anticipated about a $3.50-a-barrel price reduction.