China's October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September.
United States crude futures fell 54 cents to settle at US$61.67 a barrel, almost 20 per cent below a peak close of US$76.41 a barrel in early October.
Earlier this week, Brent dropped to its lowest since mid-August. -China trade war will damp fuel demand as supply grows from multiple directions. Still, it could give a significant indication of what's to come. "There's a handful of places were countries that have - that have already made significant reductions in their crude oil exports need a little bit more time to get to zero, and we're going to provide that to them".
There's a lot to consider before the December meeting. US sanctions could end up squeezing Iranian output so much that other producers won't need to cut. Although Washington granted some of Iran's customers temporary waivers that let them keep buying, the Trump administration has said repeatedly it intends to entirely choke off the country's energy revenues.
Oil rose as Opec and its allies were said to plan discussions about fresh production cuts next year, responding to recent increases in oil inventories amid surging USA supply.
With WTI Crude now at $61, and asked if USA oil prices could slide to $50, Cramer said on CNBC's "Squawk on the Street" "I could make a case for the $40s here". The EIA expects output to break through 12 million bpd by mid-2019, thanks largely to a surge in shale oil production.
Saudi Minister Al-Falih discussed the agenda of the Abu Dhabi meeting with his Russian counterpart Alexander Novak by phone on Monday, an official familiar with the matter said, asking not to be identified as the information isn't public yet.
Russia, the most important non-Opec partner in the coalition, has ramped up output to a post-Soviet record and President Vladimir Putin has said he's comfortable with prices in a $65 to $75 a range, giving some downside from the current level of $72 in London.
Oil prices were stable on Thursday, supported by rumblings from within OPEC that production curbs may become necessary again to prevent a return of global oversupply. Some members, like Iraq, are pressing on with new projects.
One member of the cartel, which has been cutting production involuntarily due to US sanctions, appeared to welcome the prospect of other nations doing the same.
"OPEC and Russian Federation may use (production) cuts to support $70 per barrel", said Ole Hansen, head of commodity strategy at Saxo Bank.