OPEC agreed to lift its oil production quota by 500,000 barrels a day, a move that had been widely expected, according to reports out of Vienna.

The increase is the fifth in the last year. Some analysts have viewed the move as mainly symbolic, as recent production adds haven't slowed oil's rise. Crude oil futures were up 47 cents to $55.47 a barrel around 7:10 a.m. EDT Wednesday.

With the additional output, OPEC's quota will rise to 28 million barrels a day. The reports also indicated that the group's oil ministers may be willing to add another 500,000 barrels a day of production at a later date.

Crude hit a record high of $58.28 a barrel in April. Earlier this week, Saudi Arabia's oil minister urged more investments in refineries, rather than just adding to supply as a way to keep oil prices under control.