Traders assessed signs of rising U.S. crude inventories against the prospect of OPEC and allies cutting output.
Oil ended its 12-day run of declines amid signals that OPEC and allied producers are considering production cuts.
The plunge will push OPEC and its allies into a corner as they gather in a highly-anticipated meeting this weekend.
Oil Short-Sellers Make a Comeback as OPEC Moves to Center Stage
Futures fell 1.6 percent Thursday in New York, extending a decline from its October high to 21 percent.
Supply concerns that drove crude to a 4-year high last month faded on hopes the U.S. would soften the blow of its Iran sanctions.
It's the Iranian Oil Guessing Game. And the Bears Are Winning
Futures in New York are poised for a 9.3 percent drop this month, ending two months of gains.
Oil Extends Loss on Risks of Escalating Trade War, U.S. Supplies
Hedge Funds Back Off on Oil as Saudis Signal OPEC to Open Spigot
Oil Holds Loss Below $67 on Saudi Crude Pledge and Risk Aversion
Oil traded at the lowest level in more than a month after Saudi Arabia reiterated its plan to lift oil output.
Traders continued to assess simmering tensions between the U.S. and Saudi Arabia over a missing journalist.
Oil declined on concerns that U.S. crude stockpiles are expanding at a rate not seen since early 2017.
Futures dropped as much as 1.8 percent in New York, after sliding 2.4 percent Wednesday.
Also, talks between Saudi Arabia and Kuwait on restarting two oil fields in a neutral zone are said to have stalled again.
Hedge funds are jumping on the $100 crude bandwagon
Oil Holds Gains as Traders Turn Bullish After OPEC Rebuffs Trump
As traders await this weekend’s OPEC meeting, they’re steadily growing more convinced that oil prices still have room to rise.
Oil Thwarted by Trade Fears as Trump Escalates Pressure on China
Brent Bulls Split From U.S. Oil Optimists