Crude Market: Oil dips below $50 on output doubts

WTI oil price slides under $50 per barrel

WTI oil price slides under $50 per barrel

He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.

Oil prices edged up on Thursday on optimism that trade talks at the upcoming G20 meeting could help the global economy and improve demand, but gains were curbed after USA crude inventories hit their highest in a year. The comment seemed less definitive than the Saudis' call for the Organization of Petroleum Exporting Countries and its allies to remove about 1 million barrels a day from the market.

The price traded as high as $52.21 and it is now correcting lower.

All eyes are on this weekend's G-20 summit in Argentina, where Russia's Vladimir Putin and Saudi Arabia's Mohammed bin Salman are likely to discuss how to coordinate oil policy. -China trade war a key focus. In its northern region, the nation is also seeking to fix oil pipelines and facilities damaged in the more recent conflict with Islamic State militants. The cost of a barrel of Brent crude is about $ 59.

"As Saudi Arabia we can not do it alone, we will not do it alone", he told reporters in Abuja where he met his Nigerian counterpart Emmanuel Ibe Kachikwu.

The market kept a close eye on what signs of the global oil policy will come out from the gathering of world' s major oil producers at the G20 Summit, scheduled for November 30 to December 1, especially among heads of states of Saudi Arabia, Russia and the United States.

But the U.S. also offered generous waivers to allies who imported Iranian crude and might have struggled to find other supplies quickly when United States sanctions kicked in on November 4.

America, with OPEC and Russian Federation, seems to be working towards keeping oil in the $50 range globally, which means we can expect the local prices to stay at the current levels at least for some time.

Oil futures finished higher on Thursday, bouncing back from an earlier decline that pulled the USA crude benchmark below $50 a barrel for the first time since October 2017. Putin previously said Russian Federation would be content with oil at $70.

The market now expects that a cut of 1 million barrels per day would be possible from OPEC and its allies, said John Kilduff, partner at Again Capital in NY.

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.

"We are now in contact with OPEC and if needed, we will continue this joint work", Putin said at an investment forum on Wednesday.

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