DIAMOND SHAMROCK (DIA) CUTS CRUDE PRICES Diamond Shamrock Corp said that effective today it had cut its contract prices for crude oil by 1.50 dlrs a barrel. The reduction brings its posted price for West Texas Intermediate to 16.00 dlrs a barrel, the copany said. "The price reduction today was made in the light of falling oil product prices and a weak crude oil market," a company spokeswoman said. Diamond is the latest in a line of U.S. oil companies that have cut its contract, or posted, prices over the last two days citing weak oil markets.