Crude which has been sliding downwards has touched a new low on Friday showing more weakness for the oil market.
The negative economic outlook helped to push oil below $60 a barrel this week from as high as $85 in October, prompting some oil producing states to suggest significant production cuts. US crude was unchanged at $51.45. This indicates at a possible trench being created by the oil marketing companies to form a buffer in case the oil prices increase again.
"President Trump's tacit support of Crown Prince Mohammed bin Salman (known as MbS) in the wake of the Khashoggi murder seems to have provided him with significant leverage over the Saudi leadership", Capital Economics analysts said in a note.
The other meeting that is key to the oil markets will be the meeting between OPEC members and their allies which is scheduled to take place in Vienna, Austria next week.
It added that it expected a joint effort by OPEC and Russian Federation to withhold supply to push Brent oil prices "above the mid-$60 per barrel level". Producers are discussing a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more.
Both worldwide oil benchmarks, North Sea Brent and US light crude, have had their weakest month for more than 10 years in November, losing 28 percent and 30 percent respectively as global supply has outstripped demand.
Saudi Arabia "will not do it alone", said Falih, according to Reuters, since the oil cartel and its allies have anticipated to "reach a decision that brings stability back to the market".
Adding to the uncertainty in the oil markets were President Vladimir Putin's comments.
Russian Federation is happy with the current oil price level of around US$60 (S$83) per barrel, President Vladimir Putin said on Wednesday (Nov 28), despite a recent dramatic oil price slump on global oversupply worries.
"This led to positive results", Putin told an investment forum.
Gasoline stocks fell by 764,000 barrels, compared with analysts' expectations for a 640,000-barrel gain.
Oil inventories are rising fast in the United States, where commercial crude stocks rose by 3.6 million barrels in the week to November 23 to 450.49 million barrels, according to the Energy Information Administration (EIA).
Portfolio managers have slashed their combined net long position in crude futures by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, exchange data showed.