According to Dow Jones Newswires, the Organization of the Petroleum Exporting Countries (OPEC) agreed to raise its production quota by 500,000 barrels per day, effective November 1. The report cited comments from a delegate at the meeting in Vienna. In August, the U.S. Energy Department estimated that July OPEC oil production from the 10 members came in at 26.67 million barrels per day. OPEC's official quota from 10 of its 12 members had been at 25.8 million barrels per day.
At last check, black gold was trading 5 cents lower at $77.44 per barrel. At last check, the Oil Services HOLDRS Trust (OIH) had shed slightly less than 1% and is dangerously close to losing support at the round-number 180 level. The AMEX Oil & Gas Index is slightly lower as well. On the other hand, the CBOE Oil Index is slightly higher.