•Global crude futures firmed in early European trading Friday, on growing expectations of an OPEC production cut, source said.

•"We have had a pretty sharp run to the downside and this is a short covering bounce at the end of the [volatile trading] week " a London-based broker said. The prospect of an OPEC production cut gives "some respite in the bear trend," he added.

•OPEC president Chakib Khelil said late Thursday that it was obvious that the cartel needed to cut supply as demand has weakened and oil prices have plummeted, warning that unless action was taken oil prices would fall further. "It is obvious that in order to guarantee balance in the market, we have to reduce supply," Khelil said. The organization has moved forward an EGM, from November 18 to October 24.

Updated: October 17, 2008