NEW YORK (CNNMoney.com) -- OPEC could be shutting off the spigot on Wall Street's recent record setting rally as a production cut by the cartel has oil prices shooting higher and stocks looking at a difficult open.

Stock futures, which are an indication of where U.S. markets are likely to open, turned lower about 7 a.m. ET Thursday on the news out of OPEC, pointing to a lower open for stocks.

Oil prices rose as a senior OPEC delegate said it has agreed to cut production by 1 million barrels per day, its first cut since April 2004. Saudi Arabia was set to account for 300,000 barrels of that cut.

U.S. light crude was up $1.21 to $60.62 a barrel in electronic trading, while Brent crude trading in London is $1.46 cents higher at $60.68.

Investors will weigh generally strong September sales being reported by major retailers. The chains were reporting their sales at stores open at least a year, a closely watched retail measure known as same-store sales. Retail Metrics forecasts that same store sales rose 3.5 percent in September, although that was down from a 3.8 percent gain forecast for the period just a week ago due to sales weakness at Wal-Mart Stores (Charts).

One of the first major retailers reporting same store sales Thursday was wholesale club Costco (Charts), which saw a 4.0 percent rise, but that was below the 5.1 percent forecasted gain. But department store chain Kohl's (Charts) reported a 16 percent jump in sales, more than double the 7.3 percent forecast.

Wednesday, shares of No. 1 retailer Wal-Mart Stores (Charts) were hit in early trading after it announced its September same-store sales gained only 1.3 percent, down from the 1.8 percent rise it had reported on Saturday for the period. But Wal-Mart shares overcame the concerns to finish slightly higher as part of the Dow rally.

Treasury prices were lower, lifting the yield on the 10-year note to 4.58 percent from the 4.57 percent late Wednesday. The dollar was little changed against the euro and yen in early trading.

Stocks in Asia closed widely higher on the same positive outlook for the U.S. economy that helped lift U.S. stocks Wednesday. Stocks in Europe also were higher in early trading.

Apple Computer (Charts) said on Wednesday an internal investigation found CEO Steve Jobs, was aware of some improper stock option grants, but he did not benefit from those grants and was unaware of the accounting implications. Shares of Apple rose more than 1 percent in after-hours trading.

Shares of Dow component Hewlett-Packard (Charts) also gained in after-hours trading after recently ousted chairman Patricia Dunn was named in a criminal complaint filed by the California attorney general Wednesday, but CEO Mark Hurd dodged legal action for now.

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