World oil prices fell below $90 a barrel Friday, as buyers weighed the possibility that OPEC could raise output next week.

Oil prices fell to as little as $88.52 a barrel in New York, before rising to $88.65 at the close of trading, far below Monday's prices, which exceeded $99.

The Organization of Petroleum Exporting Countries is set to meet next week to consider prices and output.

OPEC officials have said the market is well-supplied with oil and blame current high prices on speculators rather than supply and demand.