OPEC+ is meeting this week to decide on production.
The group of oil producers would consider cutting production by more than a million barrels a day, delegates told Bloomberg.
The meeting will take place on Wednesday in Vienna.
. A cut in output would reflect fears that the global economy could quickly slow in the face of rapid monetary policy tightening.
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Oil prices were also affected by the strengthening of the dollar.
A final decision on the size of the cuts will not be made until ministers meet, delegates said.
Brent crude soared above $125 a barrel after Russia invaded Ukraine in February.
It has since fallen to $85, squeezing profits enjoyed by Saudi Arabia, Russia, the United Arab Emirates and other coalition members.
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Oil prices fell in choppy trade on Friday, but posted their first weekly gain in five on Friday.
Brent futures were trading at $87.96 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell to $79.49.
Oil fell 25% in the quarter that ended Friday.
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Banks including JPMorgan Chase & Co. have said OPEC+ may have to cut production by at least 500,000 barrels a day to stabilize prices.