NEW YORK (TheStreet) -- U.S. stocks were higher during the shortened Black Friday session as oil prices plummeted, leading to a rally among airlines and a selloff of energy stocks.
OPEC agreed not to cut oil production to address oversupply but instead said at a meeting on Thursday that it would maintain current levels of 30 million barrels a day "in the interest of restoring market equilibrium," a statement from the group read.
West Texas Intermediate crude plummeted 6.3% to $69.03. Oil prices have dropped 35% since midyear.
Airline stocks were gaining ground as investors predicted the slip in gas prices might benefit the carriers' profitability. Southwest Airlines (LUV) added 7%, Delta Air Lines (DAL) climbed 6%, and United Continental (UAL) gained 7.5%.