Oil prices bounced back on Friday on speculation that the OPEC crude producers could cut production at an emergency meeting.

Light, sweet crude for November Delivery rose USD 2, to settle at USD 71.85 a barrel on the New York Mercantile Exchange (NYMEX).

In London, December Brent crude gained USD 3.28, to settle at USD 69.60 a barrel on the ICE Futures exchange.

In other NYMEX trading, heating oil futures climbed 1.63 cents, to settle at USD 2.1036 a gallon, while gasoline future rose 3.15 cents, to settle at USD 1.6535 a gallon.

Natural gas futures gained 14.2 cents, to settle at USD 6.845 per 1,000 cubic feet.