The global oil prices had risen as the sanctions on Iran from 1 November led to speculations of production shortage. The commodity is now trading hands at $58.9 a barrel.
Riyadh, however, has come under renewed pressure from US President Donald Trump, who asked the kingdom to refrain from output reductions and help to lower oil prices further.
The price of a barrel of WTI crude oil fell below $ 50, falling to the lowest level since September 2017. Traders remain uncertain about whether the OPEC and non-OPEC producers like Russian Federation will agree to curb output at their Vienna gatherings next week.
Saudi Energy Minister Khalid al-Falih said signals from Iraq, Nigeria and Libya were positive ahead of the group's December 6 talks because all ministers want to restore oil market stability. With fears of a scarcity now giving way to worries about oversupply, the Organisation of Petroleum Exporting Countries and allies such as Russian Federation are preparing to discuss more cuts when they meet next week in Vienna.
The West Texas Intermediate for January delivery rose 1.16 USA dollars to settle at 51.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 0.81 dollar to close at 59.57 dollars a barrel on the London ICE Futures Exchange.
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In public and private, the president has told the Saudis he wants cheaper crude, even disclosing that he berated MBS in a phone call in October when global benchmark Brent surged above $80.
Thanks to a flexible currency and a much lower fiscal break-even price than the Saudis, Putin said this week that oil at $60/bbl was "absolutely fine" for his country.
OPEC and its partners, including Russian Federation, are scheduled to meet in Vienna next week to decide on production targets. They are looking for a further output cut, but admit that they can't act alone.
"Iraq will probably say the right things regarding the OPEC meeting, about constraining or reducing output or even just "expressing support" for new output cuts", said Michael Barry, director of research at consultant FGE in London.
Oil inventories are rising fast in the United States, where crude stocks have risen for 10 straight weeks to 450.5 million barrels, the most in a year, as production remains at an all-time high of 11.7 million bpd, according to the Energy Information Administration (EIA).
Earlier the President of Russia Vladimir Putin has called the oil price of 60 dollars "quite acceptable" for the country.