OPEC to Keep Output Near Maximum Levels

The New York Times is reporting that OPEC has agreed to keep pumping oil near its maximum levels, a decision that could cool down prices.

OPEC's decision coincided with a report that shows a surge in crude oil stocks in the U.S. Taken together, these two factors sent oil prices on the New York Mercantile Exchange down $1.56 to $60.02 a barrel Wednesday.

But with geopolitical tensions revolving around several oil producers, including OPEC members Nigeria, Iran and Iraq, there is speculation that OPEC's decision will have little impact on today's volatile markets.

OPEC is the Organization of Petroleum Exporting Countries. These countries produce about 40 percent of the world's crude oil.