Oil was steady this morning as it hovered almost $2 shy of its record high of $89 a barrel.
One Opec minister has raised the prospect of another output increase, and US data showed rising inventories and weak demand.
US crude for November gained 9 cents to $87.49 a barrel by 6.42am. Oil ended 21 cents lower on the day as traders took profits from a six-day rally that lifted prices 11 per cent.
London Brent crude for December shed 14 cents to $82.99 a barrel.
Oil's surge to near its inflation-adjusted peak in 1980 has alarmed consumers and producers, fearful that it may blunt economic growth and diminish demand for crude.
Nigeria's oil minister told Reuters yesterday that Opec policymakers could opt to take action when heads of state meet in Saudi Arabia on November 17th, opening the door to a possible supply boost sooner than the next official meeting in early December.
Opec has already agreed to pump another 500,000 barrels a day from November 1st.