In Europe, January Brent crude futures which expired at the end of the session, lost 80 cents, or 1.3%, to $US58.71 a barrel. Last Wednesday, the market took a further hit when Khalid al-Falih, the Energy Minister of the Kingdom of Saudi Arabia, said that his country would not reduce its output alone in order to stabilise the market.
OPEC, which pumps four-in-10 barrels produced worldwide, will convene in Vienna on December 6 to discuss output cuts after oil prices in November suffered the largest monthly drop since the global financial crisis in 2008. However, OPEC members, alongside Russian Federation would be meeting on December 6th-7th in Austria for discussing the terms of "cut supply" to support the market and Russian Federation happened to show interest in joining OPEC. Repeated fall in oil prices from past seven weeks has pushed the crude futures downward in a bear market. Analysts said that Saudi Arabia would possibly not confront with Washington over oil prices.
While crude oil has not been included in the United States import tariffs, traders are taking advantage of the positive sentiment and driving crude markets.
US crude stockpiles went through a 10th straight week of increase, up 3.6 million barrels in the week ending on November 23, piling concerns over supply surplus and sagging demand growth.
American drillers pumped 11.475 million barrels a day, the U.S. Energy Information Administration said, eclipsing Russian Federation for a second month as the world's biggest producer.
The oil reserves in the USA increased by 3.6 million barrels in the week to 23 November to 450,49 million barrels, according to the global energy Agency.
The reason behind the increase in oil production by Saudi Arabia and other producers in the past few months is because of the USA sanctions over the Iranian oil exports, but the waivers provided by the US allowed Iran to export fewer barrels in the market than expected. He already cautioned that oil shipments would be reduced by 500,000 barrels per day in the month of December.
Both WTI and Brent suffered their biggest monthly percentage declines in about a decade, according to Dow Jones Market Data. Russian Federation also cut production in November but has not yet announced its readiness to continue reduction.
Russian Minister of Energy Alexander Novak earlier on Friday said that he was comfortable with prices where they now are, adding to uncertainty about what top oil exporters can agree on.
For now, the oil market remains divided on the outcome of the OPEC meeting.
Friday saw Baker Hughes report that the number of active domestic rigs drilling for oil rose by 2 to 887 last week.