U.S. stock futures lost earlier gains to trade lower after crude oil sank below $40 a barrel following the meeting of the Organization of Petroleum Exporting Countries.

S&P 500 futures were down 0.17%, Dow Jones Industrial Average futures fell 0.21%, and Nasdaq futures slid 0.08%.

OPEC pushed its oil production ceiling to 31.5 million barrels a day, above a previous cap of 30 million, according to Bloomberg. OPEC has yet to make the decision public. The member countries have held production at record highs to maintain market share as crude prices tanked. West Texas Intermediate fell 2.7% to $39.99 a barrel.

The U.S. added 211,000 jobs to payrolls in November, roughly in line with expectations, and making the likelihood of a rate hike this month from the Federal Reserve almost certain. The report marks the last key data on the state of the labor market before the Federal Reserve meets Dec. 15-16. The unemployment rate remained stable at 5% and average hourly earnings growth slowed to 0.2%.

"The November employment report will easily reassure the Fed that the threshold on the employment side of their mandate to raise rates has been met," BNP Paribas analysts wrote in a note. "The Fed's recent rhetoric suggests that a December rate hike is a done deal while we are looking at a possible bump in the road next year that would force the Fed to pause its every-other meeting rate hike schedule."

Gap (GPS - Get Report) shares slid after the retailer reported an 8% drop in same-store sales in November, steeper than an expected 6.3% decline. The company said sales fell 4% at its namesake stores, 19% at Banana Republic stores and 9% at Old Navy. 

Big Lots (BIG - Get Report) added more than 1% in premarket trading after guiding for full-year profit as high as $3 a share, above estimates of $2.96. The retailer also reported a 1% increase in third-quarter sales to $1.12 billion, though narrowly missed quarterly earnings forecasts. 

Norfolk Southern (NSC - Get Report) fell after rejecting Canadian Pacific's (CP - Get Report) acquisition offer, calling it "grossly inadequate." The railway company previously received an unsolicited bid worth $46.72 a share, a 10% premium at the time of the offer. 

Ambarella (AMBA - Get Report) fell more than 1% in premarket trading after issuing softer-than-expected guidance for its fourth quarter. The chipmaker expects fourth-quarter revenue between $65 million and $67.5 million, below estimates of $76.3 million. GoPro (GPRO - Get Report) , one of Ambarella's clients, recently guided for a weaker fourth quarter. 

Barnes & Noble (BKS) tumbled 8% after swinging to a quarterly loss in its second quarter. The bookstore chain reported a loss of 52 cents a share, wider than an expected loss of 31 cents. Sales fell nearly 5%, dragged on by a 32% decline in sales of its NOOK e-reader.