Crude spirals to 17-month low amid global economic concerns

Oil producers to have extra meeting if output cuts 'not enough': UAE

Oil prices were mixed on Wednesday as the U.S. benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market.

USA crude futures and global benchmark Brent hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of about 40 per cent in the fourth quarter.

Global benchmark Brent was trading down 6.2 percent, at $50.47 a barrel as of 9:12am GMT.

"We would be watching the prices and how they react over time", Ghadhban said.

The fourth-quarter price decline is likely to cause producers to throttle back on their output, he said. -China trade war raised concern about the global economic slowdown and affected broader financial markets. Investors have flocked to safe-haven assets such as gold and government debt at the expense of crude oil and stocks.

Global stocks rebounded on Wednesday on the back of the Trump administration's attempt to shore up investor confidence and a report on strong U.S. holiday spending. President Donald Trump said on Tuesday that shutdown could last until his demand for US-Mexico border wall money is met.

Brent crude oil futures slumped to 11 cents or 0.22 percent at $50.36 a barrel. The market settled early ahead of the Christmas holiday.

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The benchmark crude fell more than 35 percent from their October peak.

Mr Sechin, an ally of Russian president Vladimir Putin and a critic of Opec, said the price slump was mostly linked to the USA rate hike announced last week.

At a press briefing in Kuwait, Iraqi, the U.A.E. and Algerian energy ministers took turns repeating the message that OPEC will deliver its 800,000 barrels per day cut and continue their cooperation with other producers to balance supply and demand. Global equities have fallen almost 9.5 per cent so far in December, their biggest one-month slide since September 2011, when the eurozone debt crisis was unfolding.

Broader financial markets have been under pressure on worries about a global economic slowdown amid higher US interest rates and the U.S.

The Organization of the Petroleum Exporting Countries and allies led by Russian Federation agreed this month to cut oil production by 1.2 million barrels per day from January.

The Organization of the Petroleum Exporting Countries (OPEC) may hold an extraordinary meeting if the oil market fails to get balanced, according to UAE Energy Minister Suhail al-Mazrouei.

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