Brent crude oil futures edged up 4 cents, to 80.40 dollars a barrel, today, ahead of a key meeting of producer group, OPEC, to discuss production. US crude gained 15 cents, at 76.66 dollars a barrel. The Organization of the Petroleum Exporting Countries is considering how to respond to a collapse in oil prices and may decide to cut its output target when it meets on November 27. Fund managers say oil prices could plunge to 60 dollars a barrel if the cartel fails to make significant cuts to reduce an oversupply on world markets. Oil prices have fallen 30 percent since June, with Brent plunging from a high above 115 dollars a barrel, and US crude from above 107 dollars a barrel. A cut in Chinese interest rates last Friday also underpinned prices.