Crude mood: Oil enters bear market, plunging most since 2015

Saudis scramble to stop oil price slide

Even as the Saudis have promised to reduce output, U.S. production reached 11.6 million bpd in the most recent week, a new record.

Brent crude settled up 65 cents, or 1 percent, at $66.12 a barrel, after hitting a session high of $67.63.

Novak told media in Singapore that Russian Federation had been pumping less oil since the beginning of the month after a record-high production rate of 11.41 million bpd last month, with the daily cut at 20,000 barrels. "Whatever price that we end up with, the market will decide the price, not us". This is despite the fact that Saudi Arabia cut 500K barrels for December and signalled that it looks like OPEC is going to cut production.

The talks are preliminary, however, and the size of the final production cut will largely depend on the starting point the Organization of Petroleum Exporting Countries and its partners use, said one of the people, asking not to be identified because the discussions are private.

OPEC's plans contradict those of US President Donald Trump, who publicly supports low oil prices and wants the cartel not to cut production. The group's strategy is to lower oil inventories to their five-year average. On Tuesday, OPEC cut its forecast for oil demand growth in 2019 for the fourth consecutive month.

The 14-member Opec expects oil supply from its rivals to outpace its own output next year.

OPEC+ will cut or adjust production as needed to balance the market, United Arab Emirates Energy Minister Suhail Al Mazrouei, also OPEC's current president, said in a Bloomberg TV interview on Wednesday in Abu Dhabi.

Worldwide benchmark Brent crude oil futures were down 9 cents at.38 per barrel.

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OPEC is comprised of most of the world's top oil producers, meaning its decisions about production sway the prices of gas across the planet.

Oil futures rose for the second consecutive session on Thursday after this week's steep losses as USA fuel stockpiles declined and a possible cut in OPEC output helped support prices.

Saudi Arabia's energy minister Khalid al-Falih said on Sunday that the kingdom will reduce exports by around 500,000 barrels a day from November to December.

Extraction from American shale fields has propelled USA oil production to record highs this year with crude output now at 11.6 million bpd, helping make the United States self-sufficient in energy.

Oil began to climb Monday when Saudi Arabia said that it would boost prices.

Oil prices, which spiked in October in the run-up to the reimposition of USA sanctions on Iran's oil industry on November 5, fell after the United States granted waivers to eight countries importing Iranian crude for a 180-day period.

Since mid-October, the price of Brent has fallen by 17.5 percent as concern grew about excess supply and slowing demand, n what has become one of the biggest declines since a price collapse in 2014.

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