Benchmark Brent oil has rallied to USD 54.56 a barrel, the biggest weekly gain since 2009
It will also hurt refiners, retail marketers and oil producers
Goldman Sachs Group said the market is pricing in a 30% chance of a deal
Brent crude futures fell as far as 2 percent before clawing back to trade up 29 cents at $47.44 per barrel at 1008 GMT
Oil producers in the Organisation of the Petroleum Exporting Countries are due to meet on Nov 30 to agree to limit output
A surging dollar following the initial shock of Donald Trump's US presidential election win also put pressure on oil prices
Trump has promised freedom from Opec and some of his energy policies include opening federal lands to drilling and freeing up offshore areas to development
In Asia, physical oil analysts were digesting mixed data out of China on Tuesday, which showed a fall in crude imports and a rise in exports of refined products
The falls in oil came as prices for gold, a traditional safehaven for investors in times of uncertainty jumped
Secretary-General of the Opec assures on the group's commitment to a deal made in Algiers to cut output
Last week's losses were the steepest since January
US crude falls 68 cents, or 1.5 per cent, to settle at $44.66 per barrel
Concerns over supply disruptions in Nigeria also supported prices
Ahead of likely US inventory data release
Oil prices had risen as much as 13 per cent since the Opec announced on September 27 a production cut to support prices
Russia expects to increase its oil output by 0.7% next year and a further 0.9% in 2018
Disagreements remain over which members should be exempt from a curb to reduce output to a range of 32.5-33 mn bpd
Saudi Arabia and Gulf allies express their will to reduce peak oil output by 4% this week to Russia
Traders remain cautious of the Opec's ability to cut production come late November
The dollar, which held near nine-month highs against a basket of major currencies, also weighed on prices