Oil prices rose to near $48 a barrel today as investors wondered whether OPEC would announce a production cut at its meeting Sunday, and how big the cut might be.

Keeping prices in check were reports from the International Energy Agency and OPEC, each lowering their estimates for global oil demand in 2009.

Benchmark crude for April delivery was up 70 cents to $47.73 a barrel by mid-afternoon in Europe on the New York Mercantile Exchange. Earlier in the session, prices peaked at $48.14.

Oil prices soared $4.70 on Thursday to settle at $47.03.

In London, Brent prices gained 74 cents to $45.83 on the ICE Futures exchange.

Prices have lurched between $42 and $47 this week as leaders of the Organization of Petroleum Exporting Countries sent mixed signals about a possible output reduction.

Nigerian and Qatari officials have suggested they oppose another production cut on top of the 4.2 million barrels a day of reductions announced by OPEC since September, while Venezuela supports further cuts.

Russian news agencies said Thursday that Vice Premier Igor Sechin would attend the OPEC meeting in Vienna and that his country supports the idea of trimming production.