The price is still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost more than 22 percent so far. With fears of a scarcity now giving way to worries about oversupply, the Organisation of Petroleum Exporting Countries and allies such as Russian Federation are preparing to discuss more cuts when they meet next week in Vienna.
The news agency says that Moscow could be represented at the cartel meeting on December 6-7, but negotiation cartel leader Saudi Arabia is still on-going.
Brent crude futures LCOc1 fell 64 cents on the day to $58.12 a barrel, off an earlier session high of $59.51, while USA crude futures CLc1 dropped below $50 for the first time in over a year.
Analysts said Falih's remarks signaled that the kingdom seeks to reduce global supply in face of pressure from U.S. President Donald Trump, who has repeatedly called on the kingdom to continue bringing down oil prices.
Oil slid toward the deepest monthly loss since the worldwide financial crisis a decade ago as Russian Federation signaled it may resist production caps at a crucial OPEC gathering next week. "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".
Meanwhile, the U.S. Energy Information Administration (EIA) reported yet another increase in domestic crude inventories Wednesday.
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Front-month Brent futures fell 75 cents, or 1.3 per cent, to $58.76 a barrel by 1:18 p.m. EST, ahead of expiry.
The country's resilience is often credited to low oil production costs and a weakening rouble which allows for attractive exports.
Crude oil price remained in a major downtrend and it recently traded below the $53.00 and $52.00 support levels.
The chart shows the cost of production of oil and gas per barrel for the countries by using data from Rystad Energy UCube and The Wall Street Journal.
The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal.
"We have seen huge increases in supply and the demand picture is in question. However, we might see some movement on global trade issues at the G20 meeting which starts on November 30", said Michael McCarthy, chief strategist at CMC Markets and Stockbroking. While oversupply concerns were fueled by American exemptions on sanctioned Iranian oil, a trade dispute between the US and China has threatened to hurt demand.
Anticipation of the meeting may also be driving prices higher, said Kilduff of Again Capital, adding that traders are wary of being short ahead of the meeting.