Oil prices skid amid global stock market slump, swelling USA supply

International Brent crude oil futures were up 40 cents or 0.7 percent at $62.09 per barrel

International Brent crude oil futures were up 40 cents or 0.7 percent at $62.09 per barrel

During Thursday's meeting, OPEC leaders are expected to discuss how to stabilize crude oil production after USA prices plunged by 22-percent in November - making it the worst month since the financial crisis in 2008.

The Middle East-dominated Opec plans to cut output despite pressure from US President Donald Trump to support the global economy by keeping oil prices low.

President Trump is pressuring OPEC to increase oil production as members of the organization are set to meet in Vienna on Thursday.

"Hopefully, OPEC will be keeping oil flows as is, not restricted".

While ministers met in OPEC's Vienna headquarters, Trump tweeted that the "world does not want to see, or need, higher oil prices!"

Novak said on Thursday that Russian Federation would find it harder to cut oil output in winter than other producers because of the cold weather.

In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume USA crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

His comments were echoed by his Nigeriancounterpart.

Saudi Arabia's Energy Minister Khalid Al-Falih said on Thursday reducing production by one million barrels per day would be enough for OPEC Plus.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said United States crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that U.S. oil markets are in a growing glut.

OPEC members agreed to cut oil output on Thursday, although it's unclear by how much.

"We think Opec will spend some time to choose the words being used".

PRICE Futures Group's Phil Flynn on the outlook for oil prices.

In October, the oil price reached a four-year high of $86, but since then the price has dropped again to about $60 per barrel.

Possibly complicating any Opec decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October.

The US "is not in a position to tell us what to do", he added.

"While we believe that President Trump will be reluctant to escalate the situation, the Saudis are likely to choose the wording of any statement with regards to cuts very carefully", ING told AFP.

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