Petrol prices in India slide further as crude gets into $50 range

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This kept more Iranian crude in the market instead of driving exports from Riyadh's arch-rival down to zero and bringing down the price per barrel to $51.18.

OPEC and its allies meet in Vienna next week to decide on production targets against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.

The West Texas Intermediate futures dropped by 2.5% in trading in NY after the report by the US Energy Information Administration that revealed that American oil supplies had gone up for the 10th week in a row.

Nigeria's Kachikwu told reporters it was too early to say whether OPEC member Nigeria would participate in any cuts but added that there was "absolute resolve" within the organisation to stabilise the market.

Khalid Al-Falih, the Saudi energy minister, already said earlier this month that the kingdom will pump less in December than November, and predicted another drop in January, as buyers seek lower volumes. To this end, the group will be contemplating cutting oil output by 1 million barrels of oil per day.

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Russian oil companies Rosneft and Gazprom Neft declined to comment.

Any OPEC cut that raises prices would encourage more drilling in the United States and other non-OPEC countries like Brazil, potentially forcing prices back down again.

The West Texas Intermediate for January delivery fell 1.27 USA dollars to settle at 50.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery fell 1.72 dollars to close at 58.76 dollars a barrel on the London ICE Futures Exchange. The WTI's 14-day Relative Strength Index is still in oversold territory.

Brent for January settlement, which expires Friday, fell as much as 2.1% to $57.50 a barrel on London's ICE Futures Europe exchange.

Oil slid toward the deepest monthly loss since the worldwide financial crisis a decade ago as Russian Federation signaled it may resist production caps at a crucial OPEC gathering next week.

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The price of a barrel of WTI crude oil fell below $ 50, falling to the lowest level since September 2017.

Russian President Vladimir Putin, whose country is the world's second biggest oil producer, said on Wednesday he was in touch with OPEC and ready to continue cooperation on supply if needed, but he was satisfied with an oil price of $60.

"Over the last week, we had bilateral consultations with Iraq, Libya, Russia, all that will lead us to reach a consensus".

USA gasoline futures fell 2.1 percent to $1.4241 a gallon.

The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a 10th straight week of crude inventory build in the U.S. - striking fears of a repeat of the 2014/16 oil glut.

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