Oil Slips Below $60

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

The signals from the Organization of the Petroleum Exporting Countries and its leader, Saudi Arabia, have been mixed.

US crude futures CLc1 had risen 20 cents, or 0.4 percent, to $50.49 per barrel by 0737 GMT.

The oil price "fell and then rose again but in my opinion, a level around US$60 is quite acceptable, we are completely satisfied", he told an investment forum.

The cooperation had been a "a 100 per cent" success, Putin said, adding that this was largely due to Saudi Arabia and Crown Prince Mohammed bin Salman, the "initiator" of the deal.

Investors remain uncertain over whether an agreement on output cut would take shape during next week's OPEC meeting in Vienna, as Saudi Energy Minister Khalid al-Falih said on Wednesday his country would not cut oil output on its own.

"A cut in OPEC and Russian Federation production of 1.3 million barrels per day (bpd) will be required to reverse the ongoing counter-seasonally large increase in inventories", the bank said. Wise stated that that would depend on the severity of cuts adopted by OPEC and its allies.

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Open interest in bearish bets on US crude falling to $45 or $40 a barrel by the end of 2019 are at record levels but bets on USA oil rising to $80 a barrel by end-2019 are also high, as some see the sell-off as having gone too far, too fast. The WTI's 14-day Relative Strength Index is still in oversold territory. With the prices for Brent crude hitting the $50 range after peaking at about $74 about a couple of months ago, the prices in India have also reduced from the all-time high they had hit in October.

It's not unusual for Russian Federation to leave everyone guessing until the very last moment whether it is on board with a production cut-Moscow has done so in all previous meetings since its oil-market-management cooperation with Riyadh started two years ago in November 2016.

However the market was kept guessing by separate comments from Russian President Vladimir Putin who said that crude around $60 a barrel was "absolutely fine".

Gasoline stocks fell by 764,000 barrels, compared with analysts' expectations for a 640,000-barrel gain.

USA crude inventories for the week to November 23 added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.

Portfolio managers have slashed their combined net long position in crude futures by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, exchange data showed.

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