U.S. oil prices were on Friday trading sharply higher as prices bounced around ahead of a meeting of major oil producers over the weekend.
A report suggesting that major producers may increase production to cover an expected shortfall in output from Iran briefly knocked prices lower.
November West Texas crude on its first full day as a front-month contract, added $1.15, or 1.1 per cent, to $71.12 a barrel on the New York Mercantile Exchange.
Global benchmark November Brent was up 28 cents, or 0.4 per cent, at $78.98.
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