Russian Federation accepts need for oil cuts, bargains with Saudi on details

WTI oil price slides under $50 per barrel

While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an OPEC meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices.

"Russian President Vladimir Putin said they were willing to work with OPEC to stabilise the market", ANZ Bank said in a note.

As a Bloomberg article earlier in the day indicated, oil futures fell amid traders' concerns that Russian Federation would not join other major oil producers in cutting production.

The cartel is looking to stabilize global oil prices that have fallen over 30% since last month.

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USA crude production C-OUT-T-EIA is at a record high of 11.7 million barrels per day (bpd). Another meeting with Russian oil companies was held on Tuesday. Wise stated that that would depend on the severity of cuts adopted by OPEC and its allies.

Brent crude futures traded up $1.24, or 2.1 percent, at $60.02 a barrel by 11:43 a.m. EST (1643 GMT), off an earlier session low of $57.50. The WTI's 14-day Relative Strength Index is still in oversold territory. While US crude futures were hovering at $50.29 a barrel, global benchmark Brent crude ended at $58.76 a barrel on Wednesday.

The top three crude oil producers - Russia, the United States and Saudi Arabia - will be at the G20 Summit this weekend, raising expectations that oil policy will be discussed. However, the Saudi Arabian minister was less confident than previously, and he did not specify an actual cut in oil production.

"With fears over excessive supply and worries about falling demand the primary themes weighing on oil markets, the outlook for Brent Crude and WTI remains bearish", said Lukman Otunuga, analyst at futures brokerage FXTM.

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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.

Iraq is still struggling to overcome the legacy of warfare and sanctions, 15 years after a US-led coalition overthrew dictator Saddam Hussein. Gasoline futures prices dropped by 1.6% to trade at $1.3979 per gallon.

Oil inventories are rising fast in the United States, where commercial crude stocks C-STK-T-EIA rose by 3.6 million barrels in the week to November 23 to 450.49 million barrels, according to the Energy Information Administration (EIA).

He argues that, if OPEC delivers cut of around one million barrels per day, it could see a "rapid recovery in prices" to around $70 per barrel. Last week's 450.5 million-barrel figure for total commercial crude stocks was 7 percent higher than the five-year average for this time of year, EIA reported.

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