Oil prices pull back, give up earlier rally on talk of higher output

Oil prices pulled back on Friday from earlier rally as traders digested a report from Reuters that said oil producers were mulling a possible additional production increase of 500,000 barrels a day. A committee of the Organization of the Petroleum Exporting Countries and some of its allied producers are set to meet Sunday and are expected to discuss output levels. The producers had decided in June to raise production by 1 million barrels in order to bring output closer to a previously agreed ceiling. November West Texas Intermediate oil CLX8, +1.02% fell 2 cents to $70.30 a barrel on the New York Mercantile Exchange after an earlier high of $71.80. November Brent LCOX8, +0.23% lost 19 cents, or 0.2%, to $78.51 on ICE Futures Europe, pulling back after tapping $79.57.

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Oil pares gain following report that major producers are weighing output increases

Oil prices pull back in Friday trade, giving up sharper gains seen earlier in the session, in the wake of a report that major oil producers may consider an additional boost to production as they meet in Algiers over the weekend.

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