Oil slips further below $59 on weaker economic outlook

Oil slips further below $59 on weaker economic outlook”

Oil prices rose on Wednesday as investors' sentiment was lifted by signs that major oil exporters may continue to cut supply to stabilize oil prices. OPEC and its allies meet on December 5-6 in Vienna to review output policy.

The American Petroleum Institute (API) reports its weekly USA inventory numbers at 2030 GMT, ahead of Wednesday's government stocks data.

"Should EIA inventories illustrate for a fifth consecutive week build, we expect for strong selling pressure to afflict oil prices on an intraday basis", Benjamin Lu from Phillip Futures said in a note.

OPEC, Russia and other oil producer allies will do whatever is possible within their powers to ensure relative stability is sustained beyond 2020, OPEC Secretary-General Mohammad Barkindo said on Tuesday.

On Thursday, WTI Crude prices ended higher by 1.04 percent to close at $53.4 per barrel.

Pradhan said the voice of India, the world's third-largest energy consumer behind the U.S. and China, is now being heard and OPEC Secretary-General has been taking its views to the meetings of the producers.

"You did see the OPEC secretary general say OPEC could act to keep the market stable, and if we come back under pressure again we might see that again", said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.

The dollar weakened after USA retail sales data disappointed investors. "If that continues to sell off, that will continue to boost oil prices". Elevated tanker costs are causing some Asian refiners to hold off from spot crude purchases and consider running their plants at lower capacity, while the Energy Information Administration said it sees an increase in USA output in November.

The International Monetary Fund cited a broad deceleration across the world's largest economies as it cut its growth forecast for 2019 to the lowest in a decade on Tuesday, and also lowered its projection for next year. "We're seeing some short covering ahead of the (API) report tonight".

On the dynamics of the oil market, Barkindo said that its market is driven by demand rather than supply.

Optimism about an imminent Brexit deal had supported prices, although this faded after European Union sources said talks hit a standstill.

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