Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said United States crude inventories rose by 5.4 million barrels in the week to Nov 30, to 448 million barrels, in a sign that USA oil markets are in a growing glut.
A day of talks in the Austrian capital on Wednesday concluded with a panel led by Saudi Arabia and Russian Federation - the group's most powerful members - recommending an output reduction lasting six months, Oman's Oil Minister Mohammed Al Rumhy told reporters.
When President Trump announced his decision to pull the US out of the Iran Nuclear Deal and reimpose sanctions on the Islamic Republic, many oil producers ramped-up production over fears of the effects the sanctions would have on trading.
The United States is not part of any output-limiting initiative due to its strict anti-trust legislation and fragmented oil industry.
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The uncertainty over possible production cuts caused oil prices to dip on Wednesday as investors wait on a decision.
The move has frustrated many producers, prompting Qatar to announce that it was quitting OPEC to focus on gas in a swipe at Saudi Arabia.
Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russian Federation insists the amount should be only half of that, OPEC and non-OPEC sources said.
Moscow has shown willingness to cooperate with OPEC to cut oil production. Those differences persisted after Wednesday's meeting, OPEC delegates said.
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The pound touched 17-month lows of $1.2659 on Tuesday, then recovered to trade around $1.2734 on Wednesday, flat for the day. Sometimes , yield curves can become inverted , a scenario in which short-term yields are higher than long-term yields.
Despite the Iranian official's remarks, Kuwait's oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries. An oil price around $60 suits the needs of producers and consumers and it should remain at that level in January, he said. Saudi Arabia has indicated it wants the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to cut output by at least 1.3 million barrels per day, or 1.3% of global production.
Russia's TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of cutting output next year by reverting to production quotas agreed in 2016.
Resolving the group's internal differences and convincing a skeptical oil market that they're serious about preventing a new supply glut in 2019 would require ministers to conclude weeks of debate and settle on a final figure.
"Markets.believe the production cut deal will be in range of 1-1.3 million bpd", ANZ bank said on Thursday. "Especially the big boys - they would want to keep this cut very close to their heart".
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