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"By the beginning of October, after distillate and heating oil stocks are filled more, I would expect the price to decline," the source said.

OPEC Secretary General Abudullah al-Badri said on Friday that the group viewed oil's surge over $80 as temporary and unsupported by fundamentals.

In the latest weekly figures from the U.S. government, issued last Wednesday, distillate and heating oil stocks rose, but were still well below their levels of a year ago.

Ministers from OPEC were next due to hold talks on the sidelines of an OPEC heads of state summit in Saudi Arabia on November 17-18. The group's 12 members also have an extraordinary meeting scheduled for December 5 in Abu Dhabi, the capital of the United Arab Emirates.