The bullish outlook on the back of hopes of a coordinated output freeze was tarnished on Sunday after Iraq it should be exempt from the proposed deal, casting doubts over the oil group's ability to execute get the agreement across the line.
Benchmark U.S. West Texas Intermediate and European Brent crude oil prices were flat on Friday in Asia, moving around $50 a barrel for both grades. They had settled 1 percent higher in the U.S. session after Reuters reported that energy ministers from Saudi Arabia and the Gulf told their Russian counterpart they were willing to reduce peak oil output by 4 percent.
But experts remain skeptical that the oil cartel and non-member oil producers will be able to agree any freeze on output.
"There is a lot of enthusiasm after the Algiers accord where OPEC announced an output cut but since then we're seeing a few cracks emerging here and there," Harry Tchilinguirian, head of commodity market strategy at BNP Paribas, said. "I think OPEC has a long road ahead of it and the discussions that are going to be held in the November 30 meeting are going to be not only difficult but probably acrimonious."