Oil prices fell on Friday amid growing doubts over whether a production-cut deal will be reached among OPEC (Organization of the Petroleum Exporting Countries) members.

The West Texas Intermediate for December delivery lost 1.02 U.S. dollars to settle at 48.70 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery erased 0.76 U.S. dollars to close at 49.71 dollars a barrel on the London ICE Futures Exchange.