OPEC Keeps Production Target Unchanged: Reports

Members of the Organization of the Petroleum Exporting Countries decided on Thursday not to cut the group's oil-production target and stick to its current target of 30 million barrels a day, according to Dow Jones Newswires. Leading up to the meeting in Vienna, market participants speculated whether the organization would cut its output target in an effort to stop the recent slide in global oil prices. Oil futures slumped after the news came out with crude oil for January delivery down $2.77, or 3.8%, to $70.93 a barrel.