The Organization of the Petroleum Exporting Countries on Friday decided at its semi-annual meeting in Vienna to raise its production ceiling to 31.5 million barrels of oil a day, according to Reuters. Analysts had expected the cartel to keep its production cap at 30 million barrels a day. The ceiling, though, is seen as largely symbolic as the organization's members have been overshooting it for months. In September, OPEC produced 31.57 million barrels a day, according to its own data. Oil futures wiped out earlier solid gains after the decision, with U.S. crude oil sliding 3.2% to $39.75 a barrel. It previously traded as high as $42 a barrel. Brent oil dropped 2.5% to $42.74 a barrel.
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