Oil drops below $50 for first time in a year

Saudi Arabia's Crown Prince Mohammed bin Salman arrives in Buenos Aires

Futures tumbled as much as 1.8% in NY, after sliding 2.6% in the previous two sessions. "The key question is how quickly and by how much", one source who was familiar with the talks at Russian oil firms told Reuters.

Attention later in the session will focus on the new round of USA inventory data to see if it reinforces expectations of an emerging supply glut.

Oil's was on track for its worst month in a decade on growing fears over a global supply glut that's been exacerbated by American waivers to Iranian crude buyers. While oversupply concerns were fueled by American exemptions on sanctioned Iranian oil, a trade dispute between the USA and China has threatened to hurt demand.

The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday, ahead of a gathering in Vienna of the Organization of the Petroleum Exporting Countries and its allies on December 6-7.

USA crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday.

"Putin's comments raised speculation that Russian Federation may not join its fellow producers in curbing production", Sungchil Will Yun, Seoul-based commodity analyst at HI Investment & Futures, said by phone. The contract gained 2.3 percent to close at $51.45 on Thursday. Volumes were about double the 100-day average.

Brent crude futures fell 64 cents on the day to $58.12 a barrel. The global benchmark traded at an $8.23 premium to WTI.

Texas Tech Red Raiders hiring Matt Wells from Utah State Aggies
UPDATE (Nov. 29, 6:04 p.m.): Football Scoops reports that Matt Wells has agreed to a deal to become Texas Tech's next head coach. Under Wells, the Aggies have been tough at home, going 27-9 at Maverik Stadium in his six years at the helm.

The API said that USA crude stocks rose by 3.5 million barrels, more than analysts forecast.

Earlier this week, Russian President Vladimir Putin said crude around $60 a barrel is " balanced and fair", but also added that Moscow is ready to cooperate with its fellow producers.

United States crude inventories have hit their highest in a year after a tenth consecutive weekly increase, and are now only 80 million barrels below March 2017's record 535 million barrels, according to the Energy Information Administration. The increase was greater than the 1 million-barrel gain predicted in a Bloomberg survey, overshadowing a surprise draw in gasoline inventories.

Oil dropped below $50 a barrel in NY for the first time in more than a year as traders fretted that OPEC won't act decisively to clear a resurgent surplus in the global crude market.

The price of Brent has slumped by more than 30 percent from a four-year high above $86 in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows.

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