Crude futures ended flat Friday after big swing amid speculation that OPEC would not cut output until December.
Crude futures dropped more than 4 percent earlier in the day after Japan, the second-biggest oil importer, reported that its factory output fell 3.1 percent from September. However, the prices shoot up in the late session.
The Organization of Petroleum Exporting Countries (OPEC), which supplies 40 percent of the world's oil, are due to meet Saturday on production levels. Oil ministers from some Persian Gulf countries said the cartel group would probably not cut production until its Dec. 17's conference in Algeria.
Light, sweet crude for January delivery declined 1 cent to settle at 54.43 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude oil for January settlement rose 36 cents to settle at 53.49 dollars a barrel on London's ICE Futures Exchange.
Source: Xinhua
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