Crude Oil Declines in New York on Signs OPEC to Maintain Production Level

Oil fell from the highest in almost a week in New York amid signs the Organization of Petroleum Exporting Countries will agree to maintain production of crude when it meets in Vienna today.

Futures for January delivery slid as much as 41 cents, or 0.4 percent, to $99.73 a barrel in electronic trading on the New York Mercantile Exchange and were at $99.76 at 12:45 p.m. Sydney time. The contract yesterday surged 2.4 percent to $100.14, the highest close since Dec. 7.

OPEC members agreed that the group should set a output ceiling for the first half of next year of 30 million barrels a day, said a delegate who declined to be identified.

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