Representatives of the Organization of Petroleum Exporting Countries (OPEC) were scheduled to meet in Vienna, Austria on Friday to discuss cutting output in order to stop oil prices from plunging lower.
Iran and Libya are expected to demand a cut of two million oil barrels per day, while Venezuela will apparently propose a decrease of 1 million barrels per day.
Oil prices swung back above $67 a barrel Thursday, rebounding from a 16-month low.
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