The sell-off in oil was mainly driven by the renewed concerns whether the OPEC+ will fail to deliver on the expected output cuts to stem the price declines and supply overhang when it meets next week in Vienna on December 6.
Russian Federation is the second biggest oil exporter in the world, making its economy vastly dependent on the global oil market.
While EIA data include only USA inventory the survey results are considered more reliable than worldwide figures and are often used a surrogate for global inventory status.
He said at the time that supply could exceed demand by as much as 1 million barrels per day (bpd), or 1 percent of global demand, suggesting that OPEC and its allies may try to reduce production by that amount.
The price of a barrel of Brent crude for January delivery also ended the day higher, rising 75 cents to settle at $59.51. America and OPEC did boost their output to rein in the global oil prices and then the subsequent relaxation of sanctions for countries, especially like India to import oil from Iran resulted in a market surplus leading to the reduction in crude price.
There are several factors that have an impact on oil prices: supply, market anxieties, political impact on trade, the use of technology in production and natural disasters.
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To rein in the glut, ANZ bank said on Friday that OPEC and its main partner Russian Federation were "moving closer to an agreement around further production cuts". Iraq's state oil marketer received about 600,000 barrels of crude at storage tanks it uses in Turkey, according to agents at the port of Ceyhan where the tanks are located.
Regional oil exporters are keen to end the intense price volatility that has characterised the market volatility which has seen the price of crude fall by about 30 percent since early October. "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".
The consortium controls almost 40 percent of the world's total oil supply.
The Russian economy's dependence on oil and gas exports makes it vulnerable to fluctuating prices.. The market sentiment has shifted from a 70 per cent expectation of a small production cut earlier this week to about a 56 per cent chance on Friday, CME Group said.
In the US, crude stockpiles rose by 3.58 MMbbl last week in the longest run of gains since November 2015, according to the Energy Information Administration.
USA energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.