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Oil prices rebounded on Thursday after reports that Russia was ready to discuss a cut in oil production, a week away from a meeting of OPEC and its partners.
At around 14:20 GMT (15:20 in Paris), Brent North Sea crude for delivery in January was worth $ 59.46 on the Intercontinental Exchange (ICE) in London, up 70 cents from Wednesday's close .
On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude (WTI) for the same maturity took 87 cents, to 51.16 dollars, shortly after its opening.
Earlier in the day, prices had fallen to their lowest since early October 2017, with the WTI even falling below $ 50. By 0840 GMT, Brent and WTI had reached $ 57.50 and $ 49.41 respectively.
But prices rebounded sharply after Reuters revealed that Russia was considering a drop in production and was discussing modalities with Saudi Arabia, just one week from the summit. Organization of Petroleum Exporting Countries (OPEC) and its partners, to be held in Vienna, Austria.
Carlo Alberto De Casa, analyst for ActivTrades, told AFP that the market reacted to this information because "it contrasts with the words (of Russian President) Vladimir Putin who said he was happy with a barrel at 60 dollars " Wednesday.
The analyst, however, pointed out that, in the end, "it does not add much to what we knew", namely that the senior officials of the big producers will discuss in Vienna the opportunity or not to reduce their production.
Asked by Russian agencies about this, Russian Energy Minister Alexandre Novak replied: "I will not tell you our position in advance because we are still in the process of developing and assessment of the situation ".
"I am sure that with our colleagues in OPEC and non-OPEC countries, we will find a coordinated and consolidated solution that will benefit the oil market," he added.
But despite the rebound in prices Thursday, they remained more than 30% below their highest in four years in early October. They have been penalized for two months by fears of a surplus supply and doubts about the ability of OPEC and its partners to agree on a reduction in their production.
On Wednesday, Saudi Energy Minister Khaled al-Faleh, who is visiting Nigeria, "made it clear that Saudi Arabia would not reduce its production alone," analysts at Commerzbank said earlier in the day.
What his Nigerian counterpart said was still too early to know whether his country would defend a decline in production or not.
While Saudi Arabia voted a few weeks ago for a decline in production, several commentators have pointed to the country's difficult position after the murder of Saudi journalist Jamal Khashoggi, of which he is accused.
For the kingdom, it is important to maintain the support of the White House, which has repeatedly stated its preference for a cheaper oil.
Just last week, US President Donald Trump ostensibly thanked Riyadh for the drop in oil prices, after showing strong support for the Saudi regime in the Khashoggi case.
In addition, the latest figures "on US crude oil inventories have added additional pressure on the markets, clearly affecting prices," said analysts ActivTrades, while the United States pump to record levels.
On Wednesday, according to figures released by the US Energy Information Agency (EIA), crude oil reserves rose for the tenth consecutive week.
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