NEW YORK (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.
The market reversed course after a source told Reuters that OPEC and its allies were discussing the possibility of raising output by 500,000 barrels per day.
On Thursday, Trump linked American support for Middle Eastern countries to oil prices as he again urged OPEC to lower prices.