Oil pares gains in volatile trade ahead of OPEC meet | Reuters:
Oil prices see-sawed in a volatile, heavy day of trading on Friday, selling off after news that major producers would consider additional supply one day after U.S. President Donald Trump again blasted the cartel.
Investors grappled with the Organization of the Petroleum Exporting Countries and non-OPEC producers’ ability to offset a shortfall from Iran due to U.S. sanctions that go into full force Nov. 4. The major producers are scheduled to gather in Algeria on Sunday.
Concerns that the cartel and its allies would fall short sent global benchmark Brent crude LCOc1 $1.00 higher to $80.12 per barrel early in the session.
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