Oil prices eased by about one dollar in Asian trade on Friday after big gains on anticipation that Russia and OPEC will cut production to bolster prices, dealers said.
New York's main contract, light sweet crude for January delivery, dropped 91 cents to $47.07 a barrel after rising $4.46, more than 10 percent, to $47.98 at the close of trading on Thursday on the New York Mercantile Exchange.
Brent North Sea crude for January fell 84 cents to $46.55 after rising $4.99, or 11.77 percent, to $47.39 in London on Thursdsay.
"I think the market may have got a bit ahead of itself," said Mark Pervan, senior commodities analyst with ANZ bank in Melbourne.
He said traders had been positioning themselves before next Wednesday's OPEC meeting, at which the oil cartel is widely expected to cut production in a bid to bolster prices.
Oil prices have plunged from record highs above $147 in July as energy demand slows in a weaker global economy.
The Organisation of the Petroleum Exporting Countries (OPEC), which pumps about 40 per cent of world crude, has already agreed on cuts of 2.0 million barrels per day this year. It has also called on non-members to play a role in reducing output.
Russia, the world's biggest crude producer which is not a member of OPEC, is ready to join forces with the cartel to stem the plunge in crude prices and could even become part of the group, Russian President Dmitry Medvedev said on Thursday.
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