By the close of Friday's session, West Texas Intermediate crude for January delivery in NY ended down 1% at $US50.93 a barrel after trading as low as $US49.65. At the opening of Brent was trading at 59,73 per barrel, up 18 cents below the closing level ($59,91).
"We are going to survey together the market situation with Saudi Arabia and respond to it operationally", he said.
The development could lead to a possible deal in the upcoming OPEC meeting scheduled for next week in Vienna.
At the OPEC meeting next week, oil producers could well decide to cut output by over 1 [million] barrels a day, with Russian Federation also starting to express concern about falling prices, said Michael Hewson, chief market strategist at CMC Markets UK, in a Friday note.
Oil prices have been experiencing a steep decline in the past weeks because of an increase in the crude supply of the United States of America.
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To the adoption of this decision calls on Saudi Arabia amid a 30 percent collapse in oil prices towards the beginning of October.
The confirmation about the effectiveness of the OPEC+ deal, which helped bolster oil prices after the slump that began in 2014, came as Putin said Saturday that Russian Federation and Saudi Arabia had agreed to renew the pact. They rose 3.6 million barrels to an estimated 450.5 million - just above the five year average for stocks according to the Energy Information Administration (EIA). That exceeded weekly estimates by 428,000 barrels a day, the second time in as many months that the agency revised its preliminary data sharply higher.
Last month, an advisory group to OPEC told the ministers that the market is witnessing an oversupply which is driving the oil prices down.
In the meantime, USA estimated oil output has increased by 11.7 Million bpd.
WTI futures were up more than 3% in response to the US-China trade truce.
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Both U.S. WTI and Brent, two global crude oil benchmarks, recorded their weakest month in November for over a decade, losing more than 20 percent. Its November production surged to an all-time record above 11 million barrels a day as prices swooned, prompting a jubilant response on Twitter from the White House.
Investors remained anxious over the outlook for global oil policy, as Russia's energy minister Alexander Novak said Friday that Russian Federation was expected to keep its oil output in 2019 at the same level as this year.
For now, the oil market remains divided on the outcome of the OPEC meeting.
Offering a hint on US production activity, Baker Hughes BHGE, -1.25% on Friday reported that the number of active domestic rigs drilling for oil rose by 2 to 887. Attending countries would agree some form of production cut in the meeting.
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