The oil price is updated at least October 2017

WTI oil price slides under $50 per barrel

WTI oil price slides under $50 per barrel

United States crude futures, on the other hand, increased by a whopping 2.3 percent or $1.16 to $51.45 a barrel, after hitting a weekly-record high of $52.20.

Futures in NY are set to drop about 21 per cent in November, falling for a second month. Gasoline supplies fell unexpectedly, but not enough to overcome the pessimism.

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.

Futures fell 2.5 percent in NY, following a report by the Energy Information Administration that domestic oil supplies climbed for the 10th straight week, fed by rising imports.

"A credible message from OPEC's December 6 meeting is critical for price support", Jefferies said. "If no action is taken, oil prices could certainly drop further, while a production cut should lead to a sizable rebound for these severely oversold levels".

Before the Opec meeting, the world's top three producers - the US, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina.

Against this backdrop, Saudi Arabia has talked of the need for a cut, but Russian Federation would rather delay to see the effects of Iranian sanctions and "underwhelming growth" in United States production.

Prices rebounded after sources said Russian Federation would consider join an effort to cut alongside Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries.

Busiest U.S.-Mexico border crossing reopens after violent clashes
They appeared to easily pass through without using violence, and some of the migrants called on each other to remain peaceful. The breakoff group from the migrant caravan were met and stopped by Mexican police; Jonathan Hunt reports from Los Angeles.

To rein in the glut, OPEC and its main partner Russian Federation are moving closer to an agreement around further production cuts.

Briefing newsmen after the meeting in Abuja on Wednesday, Kachikwu said both countries discussed issues bordering on global market oil stability, as well as looked at other areas of collaboration that would enhance growth of the Nigerian oil and gas sector.

USA crude production is at a record high of 11.7-million barrels a day.

"At the heart of the malaise are concerns that OPEC+ will not do enough to address the current oversupply", said Stephen Brennock, analyst at London brokerage PVM Oil.

In November 2016, when OPEC and non-OPEC members initially implemented production cuts to stem falling prices and end the supply glut, roughly 1.8 million barrels came off the market.

The Saudis, who Trump had convinced to pump more oil to make up for the market's loss of Iranian crude, found themselves caught off guard. The market sentiment has shifted from a 70 per cent expectation of a small production cut earlier this week to about a 56 per cent chance on Friday, CME Group said.

Part of the glut is swelling supply in the United States, where commercial crude oil inventories rose by 3.6 million barrels in the week to November 23 to 450.49 million barrels, according to the Energy Information Administration (EIA).

USA energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

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