LONDON (Reuters) - Oil rose on Friday on expectations that OPEC and its allies would agree to cut output next month but prices were still down on the week on concerns that the global market was oversupplied.
Brent was up $1.15 at $67.77 a barrel by 1150 GMT. The global benchmark looked set for a third day of gains since hitting an eight-month low on Tuesday. But it was still down more than 3 percent on last week’s close.
U.S. light crude was up 90 cents at $57.36 after their steepest one-day loss in more than three years on Tuesday.
Ministers from the Organization of the Petroleum Exporting Countries meet on Dec. 6 in Vienna to decide on production policy for the next six months. They have to decide what to do about a growing surplus in world markets.
The United States imposed sanctions on Iran this month, asking international consumers not to buy its oil, and Iranian crude exports have fallen sharply in recent months.
 "The trend is down - stick with it,” PVM technical analyst Robin Bieber said.
OPEC is widely expected to start trimming output soon, fearing a repeat of the 2014 price rout.