Oil Heads For Week Of Losses Despite Talk Of Supply Cut

Oil rose on Nov. 16 on expectations that OPEC and its allies would agree to cut output next month but prices were still down on the week on concerns that the global market was oversupplied.

Brent was up $1.15 at $67.77 a barrel by 1150 GMT. The global benchmark looked set for a third day of gains since hitting an eight-month low on Nov. 13. But it was still down more than 3% on last week’s close.

U.S. light crude was up 90 cents at $57.36 after their steepest one-day loss in more than three years on Nov. 13.