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Brent crude, the European benchmark, was trading just above $65 a barrel while USA crude futures stood just below $56 - its lowest mark for 12 months. The oil cartel expects oil demand to grow by 1.29 million barrels per day in 2019, down 70,000 bpd from its projection last month.
However, Russia's key partner in the production cut deal, Saudi Arabia, has expressed concern over the oil price slump in the past month.
President Vladimir Putin said he discussed the price of oil with USA counterpart Donald Trump when they met in Paris briefly on Sunday, adding that Russian Federation is happy with current prices.
The BSE oil and gas index was among the top sectoral gainers rising 2.16% or 292 points to 13,852 level.
Oil struggled to find its footing on Wednesday after plunging 7 percent the previous session, with surging supply and the spectre of faltering demand scaring off investors.
Fearing a renewed glut like in 2014, when prices crashed under the weight of oversupply, the Organization of the Petroleum Exporting Countries (OPEC) is discussing supply cuts.
The reason being that the sanction coincided with when OPEC was duly guided to monitor oil supply quota allocated to countries that are its members, while at the sametime, placed a ceiling on the barrels of oil produced daily by some members, including Nigeria.
"It is becoming clearer that as we move closer towards 2019, the market will see a sizeable surplus at least over the first half of 2019", ING said.
Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note.
Global benchmark Brent crude oil futures were down 9 cents at.38 per barrel.
The IEA also cut its forecast for demand for OPEC crude by 300,000 bpd in 2019.
What has been made apparent by OPEC and the IEA is that oil demand growth is slowing, while oil supply, most notably from the U.S. is rising to record levels at a rapid rate.
Much of the expectations of the supply cuts were driven by earlier comments from Khalid Al-Falih, energy minister for Saudi Arabia, who told media that producers need to cut about 1 million barrels per day (bpd) from October production levels.
Oil rose, ending its longest string of declines amid strengthening signals that OPEC and allied producers are considering production cuts as soon as next year. It was just a little over a month ago when the price of oil spiked at $76 a barrel around the first of October.
Meanwhile, in the USA, crude inventories rose by 10.27 million barrels last week, while gasoline and distillate supplies declined, according to a report from the Energy Information Administration on Thursday.
On Monday South Korea's Defense Minister said more than 600 landmines were removed from the North's side of the village. In September , U.S. officials told NBC News that they had observed North Korean workers moving warheads.
Giancarlo Stanton's 13-year, US$325-million (RM1.349 billion) deal with the Miami Marlins in 2014 was a contract extension. "We didn't get anything done, but he's a guy that is near and dear to us and we are not closing any doors".
The voters apparently listened , passing Amendment 4 , and re-enfranchising some 1.4 million potential voters. This added to Florida's already lengthy wait list as the state now has a backlog of more than 10,000 cases.
Two other giant US companies, Amazon and Alphabet , will report their third-quarter results after the close of trading. Reacting after hours, Netflix dipped 3 percent and Facebook , which reports results on October 30, lost 2.3 percent.
Following this, the top two from each group qualify to Saturday's semi-finals, with the final scheduled for Sunday. It was guaranteed as soon as Rafael Nadal withdrew from the last Masters of the season in Paris.
ADP said the economy had added 227,000 jobs in October, with employers reporting they are now struggling to fill positions. As Americans become more confident about their job prospects, they are coming off the sidelines and looking for work.
I saw it online. "I was angry and I sent it out", the woman told investigators, according to Grassley's letter. Grassley said looking into Munro-Leighton's claims diverted resources on a time-sensitive manner.
When I was down, I was still fighting out there", said Kenin, who broke the top 100 in 2018 and ended the year ranked 48th. But Kenin then fought off two break balls and used a attractive drop shot to hold serve, starting a comeback.
The Arsenal forward attempted to get back up but was unable to do so on his own, prompting Arsenal medics to rush to his aid. Possible fracture dislocation of ankle which could [be] career ending", Wilson wrote on Twitter.
NBA Twitter explodes as Jimmy Butler heads to Philadelphia
Butler told the Timberwolves in September he wanted to be traded, and it took weeks for the team to find a deal it would accept. The 76ers are shipping Dario Saric , Jerryd Bayless , Robert Covington and a 2022 2nd round pick in exchange.
Dez Bryant's patience pays off with ideal landing spot
The Saints have racked up the seventh-most passing yards per game this season with 289.9 and second-most most points at 34.9. When Bryant, a former star, worked out with Cleveland, he briefly negotiated with the team but never came to terms.
MI voters legalize recreational marijuana
With Michigan voting to legalize adult use, neighbors like OH and IL could soon follow suit to help build a market in that region. MI is now one of nine states that allow recreational use of the substance, including California, Colorado, and Washington, D.C.
Boeing issues advice over sensors after Indonesia crash
Boeing Russia declined RT's request to comment on the matter, referring to an earlier statement Boeing made following the crash. The Lion Air crash was the first involving the type of plane, which airlines introduced into service past year .
2 separate caravans now moving north through Mexico
United States officials have told Reuters the support mission would be coordinated by the U.S. military's Northern Command. Again, without providing evidence, he said there are "many gang members and some very bad people mixed into the caravan".
Apple updates MacBook Air with Retina display, Touch ID
Another highlight feature is Touch ID , which is now found on as a key on the keyboard, and powered by the company's T2 chip. Lastly, as we are massive audiophiles here at T3, we were also impressed with the new MacBook Air's upgraded audio system.