Oil prices erased gains on Thursday after the Organization of the Petroleum Exporting Countries failed to reach an agreement on a production ceiling. Crude oil lost 1.7% to $48.19, after trading as high as $49.47 earlier in the day. Brent oil dropped 1.3% to $49.09, coming off an intraday high of $50.30. The reversal came as Reuters reported OPEC had stopped short of changing its output policy at a closely watched meeting in Vienna. The cartel scrapped its production ceiling at its meeting in December, but speculation had risen ahead of Thursday's meeting that it would revive the cap.
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