U.S. oil prices settled firmly higher Friday, after briefly paring gains, as prices bounced around ahead of meeting of major oil producers in Algiers over the weekend.

A report suggesting that major producers may increase production more in order to cover an expected shortfall in output from Iran briefly knocked prices lower.

November West Texas crude CLX8, +0.55% on its first full day as a front-month contract, added 46 cents, or 0.7%, to end at $70.78 a barrel on the New York Mercantile Exchange, but closing off its highs at $71.80. The contract marked a weekly gain of more 2.6%, based on Friday’s close for the most-active contract.

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