WTI oil price slides under $50 per barrel

WTI oil price slides under $50 per barrel

WTI oil price slides under $50 per barrel

Russian Federation has started to concede that it needs to join a fresh Saudi-led oil production cut, but is still bargaining with its key partner in OPEC over how much, how fast, and for how long it would potentially reduce its oil output, Reuters reported on Thursday, citing two industry sources.

A steady rise in crude supply from the United States, now the world's top producer, has pressured prices along with Saudi Arabia's insistence that it will not cut output on its own to stabilise the market.

Russian Federation has for years been cooperating with the Organization of the Petroleum Exporting Countries (OPEC) of which it is not a member, helping to engineer a rebound after a 2014 oil price slump.

Russian energy minister Alexander Novak met Russian oil producers this week to discuss cooperation with OPEC, two industry sources said without providing details.

Brent crude futures were last up 51 cents on the day at $59.27 a barrel, off an earlier session low of $57.50, while US crude futures rose 68 cents to $50.97.

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Earlier the President of Russia Vladimir Putin has called the oil price of 60 dollars "quite acceptable" for the country.

Oil slipped on Wednesday, pressured by rising US inventories and doubts over whether an OPEC-led output cut will be agreed next week. This increase in the country's oil inventory was fed by increasing oil imports. With the prices for Brent crude hitting the $50 range after peaking at about $74 about a couple of months ago, the prices in India have also reduced from the all-time high they had hit in October.

European oil benchmark Brent stood at just under $60 on Wednesday, while its United States counterpart WTI hovered just above $51.

U.S. crude inventories zoomed to 450 million barrels as of the week to November 23, exceeding expectations, the Energy Information Administration data showed on Wednesday.

US crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday.

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By August 2018, Saudi Arabia's production was up by 630,000 barrels per day compared with June 2014 and Russia's output had climbed by 525,000 bpd.

With that in mind, therefore, his meeting with Ibe Kachukwu is a consultation ahead of OPEC's meetings scheduled for November 30th at the G20 in Vienna, and yet another OPEC meeting scheduled for December 6th.

Now, with West Texas crude inching below $50 a barrel, the Saudis are alarmed.

The supply and demand fundamentals remain bearish, but the early price action suggests the technical picture may be improving. While oversupply concerns were fueled by American exemptions on sanctioned Iranian oil, a trade dispute between the USA and China has threatened to hurt demand.

Also, increased cautiousness ahead of Friday's Trump-Xi meeting on trade keeps the black gold on the defensive.

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