On Friday, West Texas Intermediate crude for January delivery CLF9, -1.42% on the New York Mercantile Exchange fell 52 cents, or 1%, to settle at $50.93 a barrel after trading as low as $49.65.
In the previous week ending November 23, WTI and Brent lost 10.7 percent and 11.9 percent, respectively. The province is following the advice of companies like Cenovus Energy Inc. and Canadian Natural Resources Ltd., which have been hammered by record low prices for heavy Canadian crude that at one point were $50 a barrel less than US grades.
Analysts predict this week could be a big week for oil markets with the Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled in a few days. WTI was up 1.21 USA dollars to settle at 51.63 dollars a barrel, while Brent rose 1.68 dollars to close at 60.48 dollars a barrel. The contract traded at $53.51 at 3:37 p.m.in Seoul, after losing 22 percent last month. Yet, crude futures were driven up by the rallying equities market, as Cyber Monday kicked off.
U.S. WTI was further supported by an announcement from Canada that Alberta province will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.
Trading action was also held in check ahead of weekend meetings of the Group of 20 in Argentina, where oil talks are expected take place on the sidelines, ahead of an official meeting on December 6 between OPEC and its allies.
At the OPEC meeting in Vienna that begins later this week, the details of the Saudi-Russian agreement will be worked out, but it's virtually certain that the Saudis will have to bear the brunt of the production cuts, at least among OPEC's members.
To the adoption of this decision calls on Saudi Arabia amid a 30 percent collapse in oil prices towards the beginning of October.
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Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets.
USA 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.
USA and Brent crude oil futures jumped in early trading on Sunday after the United States and China came to an agreement on Saturday on trade issues that would put off new tariffs. They rose 3.6 million barrels to an estimated 450.5 million - just above the five year average for stocks according to the Energy Information Administration (EIA). He already cautioned that oil shipments would be reduced by 500,000 barrels per day in the month of December.
World's largest oil producer Saudi Arabia and Russian Federation have agreed to extend OPEC+ to check the arresting oil prices in the global oil market. WTI decreased 0.52 US dollar to settle at 50.93 dollars a barrel, while Brent decreased 0.8 dollar to close at 58.71 dollars a barrel.
Friday saw Baker Hughes report that the number of active domestic rigs drilling for oil rose by 2 to 887 last week.
For now, the oil market remains divided on the outcome of the OPEC meeting. Iraq was exempt from the previous round of cuts, and Iran's production likely already has been curtailed as a result of USA sanctions.