Oil Prices Slump As OPEC Reportedly Fails To Agree On Output Cap

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.