Oil rises, but heads for weekly loss as market awaits OPEC's November decision

Oil prices rose on Friday but were headed for a weekly loss of about 7% or more after news of potential increases to OPEC+ supply.

Brent crude futures were up 64 cents, or 1%, at $64.75 a barrel by 12:17 p.m. ET (1617 GMT). U.S. West Texas Intermediate crude was up 72 cents, or 1.2%, at $61.17.

For the week, Brent was trading down 7.6% and WTI was on course for a 7% decline.

"Oil prices are stabilizing at $60.00 a barrel after falling over 7.5% this week, reaching a 16-week low," said Fiona Cincotta, senior markets analyst at City Index.

"The market is steadying ahead of the OPEC+ meeting this weekend, where the group could agree to raise production by anywhere between 274,000 and 411,000 barrels per day. This is two to three times higher than the October increase as Saudi Arabia looks to reclaim market share."

Eight OPEC+ countries are likely to further raise oil output on Sunday with the group’s leader Saudi Arabia pushing for a large increase to regain market share and Russia suggesting a more modest rise, four people with knowledge of the OPEC+ talks said.