Oil prices slide as Trump urges OPEC not to cut supply

In this May 25, 2018 file photo, prices for the three grades of gasoline light up the pump at a Shell station in southeast Denver. Oil prices slipped below $50 per barrel early Thursday, Nov. 29, before edging back up following a report showing that inventories are rising again. U.S. crude oil refinery inputs averaged 17.6 million barrels per day for the week ending Nov. 23.[Photo: AP]

Oil prices extended losses on Wednesday, as U.S. President Donald Trump once again tried to dampen OPEC's efforts to tackle falling oil prices amid market expectations on further output cut.

"Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" Trump said on Twitter on Wednesday.

The remarks came just a day prior to OPEC's meeting in Vienna, piling pressure on the Saudi-led cartel, Russia and other non-member nations over potential global oil policy-making.

Moscow has shown willingness to cooperate with OPEC to cut oil production. Russia's oil giant Lukoil said it's ready to cut production if the upcoming meeting results in a deal to prop up prices, the company's CEO Vagit Alekperov told reporters, according to TASS news agency.

Yet he said such a reduction could be done "only gradually," due to the adverse weather conditions in Western Siberia. "The reduction should be smooth, just like last year," Alekperov was quoted as saying.

The West Texas Intermediate for January delivery decreased 0.36 U.S. dollar to settle at 52.89 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 0.52 dollar to close at 61.56 dollars a barrel on the London ICE Futures Exchange.