Oil prices pared gains after a source said OPEC experts ended their meeting on Monday without agreeing on concrete details of a planned reduction in oil output by individual countries.
Details are supposed to be presented to an OPEC ministerial gathering on Nov. 30. OPEC was scrambling to rescue the deal on Monday, with analysts warning of a sharp price correction if the producer group fails.
After falling as much as 2 percent, prices spiked in morning trade as Iraq's oil minister said the country would cooperate with the group to reach an agreement "acceptable to all."
Later in the day, Dow Jones reported Iraq is seeking a production freeze of 4.546 million barrels a day and Iran is considering capping its output at an as-yet unspecified level, citing a source.
Analysts are watching for any sign of support from Iraq and Iran — OPEC's No. 2 and 3 producers, respectively — because both have expressed reservations about the mechanics of output reductions.