Oil quotations fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer agglomeration OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude assays by 30 percent since October.
U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their finish finally close.
International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.
Businessmen said oil prices were being weighed down by weak global financial markets, which saw stock hawks tumble on Thursday.
Since early October, crude oil has lost around 30 percent of its value amid roll supply and fears that an economic downturn will erode fuel demand.
The Organisation of the Petroleum Exporting Boonies (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.
Led by Saudi Arabia, OPEC’s immature oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).
Oil output from the unbelievable’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, appointment almost 60 percent of global consumption.
The increase alone is equivalent to the output of major OPEC producer Agreed Arab Emirates.
Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to consult on production levels, and it is widely expected that a supply cut will be agreed.
“Markets…believe the production cut deal wish be in range of 1-1.3 million bpd,” ANZ bank said on Thursday.