The market ended the previous session down 2.5 percent at $50.29 a barrel, after marking its lowest since early October past year.
Front-month Brent futures fell 75 cents, or 1.3 per cent, to $58.76 a barrel by 1:18 p.m. EST, ahead of expiry.
International Brent crude oil futures were at $59.68 per barrel at 0742 GMT, up 17 cents, or 0.3 percent, from their last close. US crude dropped 29 cents, or 0.6 per cent, to $51.16 a barrel. "There is optimism over Opec's supply cuts as well as slowing United States output as current prices could idle shale production". Gasoline supplies fell unexpectedly, but not enough to overcome the pessimism. "If no action is taken, oil prices could certainly drop further, while a production cut should lead to a sizable rebound for these severely oversold levels". The three are Russian Federation, the United States, and Saudi Arabia and as their clout over oil markets increases with rising production rates, OPEC's is set to decline, at least temporarily. Furthermore, the USA government has been incessantly calling and pressuring Saudi Arabia and its cohorts in the OPEC to reconsider cutting its production output.
Three countries now account for close to 40 percent of global crude oil production and only one of these countries is a member of the Organization of Petroleum Exporting Countries.
Surging oil production in the US, Russia and by members of the Middle East-dominated Opec countries has helped fill global inventories and create a glut in some markets.
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He argues that, if OPEC delivers cut of around one million barrels per day, it could see a "rapid recovery in prices" to around $70 per barrel.
Oil's on track for its worst month in a decade on growing fears over a global supply glut that's been exacerbated by American waivers to Iranian crude buyers.
"At the heart of the malaise are concerns that OPEC+ will not do enough to address the current oversupply", said Stephen Brennock, analyst at London brokerage PVM Oil.
This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale.
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Vienna, Austria on December 6 to discuss a new round of production cuts of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates told Reuters earlier this month.
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On Friday, a CME group indicator suggested that expectations of a production cut were weakening.
Kachikwu stated that OPEC accounts for not more than 35 per cent of global oil output, stressing that the global community looks up to the cartel to stabilise the market whenever there was volatility.
"Given recent dramatic increases in crude output from OPEC, Russia and the USA, along with higher projected flows from Iran than previously expected, we anticipate that Saudi Arabia and OPEC+ will cut crude supply by 1 million bpd or more", the bank said in a note published Tuesday.
"Near-term oversupply has gutted Brent prices", US investment bank Jefferies said in a note on Friday, adding that there was "an increasing urgency to move crude into storage".
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