*OPEC production dips to 32.37 million bpd. Benchmark Brent crude futures were up 34 cents at $36.91 a barrel at 1123 GMT after touching a two-month high of $37.05. "Oil prices are up due to the Chinese reserve ratio requirement cut and reports on a dropping oil production," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.
In that week, the price of Brent crude oil rose by nearly 10 percent to above $32 a barrel, lifted by a blast of short-covering following signals from OPEC and Russian oil officials that both sides could be open to discussing a possible cut in crude oil output. "The two weeks sum up the tightrope that oil is walking," PVM Oil Associates analyst David Hufton said in a note.