OPEC, partners discuss oil supply cut of up to 1.4 million bpd

Saudis scramble to stop oil price slide

Coupled with this is the fact that the prices of crude oil are rebounding at the worldwide market for the first time since the global oil market was hit by recession and its subsequent fall in the prices of crude oil.

Brent dropped US$3.25 a barrel, or 4.5%, to a low of US$66.94 as of 10.40am EST (1540 GMT).

Tuesday's 7% plunge in West Texas Intermediate (WTI) - the largest slump in more than 30 years of futures contracts - marked the 12th consecutive daily loss for the NY benchmark.

Prices pared gains in post-settlement trade as the American Petroleum Institute said crude inventories rose by 8.8 million barrels in the week to November 9 to 440.7 million, compared with analysts' expectations for an increase of 3.2 million barrels.

Oil's fall accelerated on Tuesday, with USA futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities.

Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019.

In its monthly report earlier this week, OPEC revised its forecast for 2019 oil demand lower for the fourth consecutive month.

Oil market fundamentals "are still reasonable" and don't justify the sell-off on Tuesday, Mr Al Mazrouei said.

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For instance, price of Brent crude recorded a four-year high in late September, this year, as it closed at $86.74 per barrel, a development that was greeted with excitements, globally.

Energy stocks tumbled on Wall Street - threatening a wider stock market recovery on Tuesday - as a string of funds shed their long term oil positions, market participants reported.

A seasonal build in crude oil stocks has proven to be the norm for fall of 2018. "Whatever price that we end up with, the market will decide the price, not us".

An International Energy Agency report that pointed to rising global inventories also added to oversupply concerns. Meanwhile, global oil demand growth forecast was trimmed by 70,000 bpd amid concerns over the health of emerging economies and overall global economic expansion.

The Russian president said he hopes to make progress on restoring relations with the US when he meets Trump at the end of this month on the sidelines of the Group of 20 summit in Argentina.

Supplies have also been boosted by surging output from USA shale fields, which has lifted the US past Saudi Arabia and Russian Federation as the world's largest crude producer, Morse said.

On the supply side, a surge in USA production is contributing to rising stockpiles.

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