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Oil prices closed slightly higher in volatile trading ahead of an OPEC meeting
Oil prices rose slightly last night in volatile trading that gave up most of its gains earlier in the session on news that major producers would consider an increase in supplies a day after US President Donald Trump sent criticisms to OPEC again.
Investors are waiting to see whether OPEC and key non-OPEC producers will decide to pump more crude to offset a drop in supply from Iran if further US sanctions take effect on November 4.Senior producers are due to meet on Sunday in Algeria.
According to Reuters, the world's benchmark Brent crude ended the session up 10 cents to settle at $ 78.80 a barrel.
US light crude futures closed up 46 cents at $ 70.78, but fell more than $ 1 from a session high of $ 71.80.
US crude ended the week with gains of 2.5 percent, while Brent rose 0.7 percent over the week.
In early trade, worries about Brent supplies pushed up to $ 80.12 a barrel.Prices fell after a source told Reuters that OPEC and its allies were discussing a possible new increase in production of 500 thousand barrels per day. Prices then rebounded as investors bet that cuts in Iran's output would be too big to be fully compensated for.
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