Oil slipped Movement.down.loss more than 20 % to its weakest level Position.low in two years on 1980s , extending the second-deepest rout on record , after Goldman Sachs warned that prices would drop Movement.down.loss further and major oil producers showed no sign of slashing Cause.movement.down.loss production .

MOSCOW/LONDON ( Reuters ) - Russian fuel deliveries to Europe could trend upward Movement.up.gain 2013 due to tax changes and a decline Movement.down.loss in Global consumption , stemming from a recession brought on in part by Western sanctions Embargo , analysts say .

Other Gulf delegates attending a meeting of oil ministers from the region said the price drop Movement.down.loss was unlikely to spur action from the Organization of the Petroleum Exporting Countries -LRB- OPEC -RRB- unless crude fell Movement.down.loss below $ 85 a barrel .

`` Assuming we have a 30 percent decline Movement.down.loss -LRB- in oil prices -RRB- , it 's likely to be an additional 0.8 percent -LRB- in economic growth -RRB- for most advanced economies , because all of them are importers of oil , '' Lagarde said , mentioning the United States , Europe , Japan and China in particular .

The expected drop Movement.down.loss in U.S. crude stocks of 633,000 barrels , according to a Reuters poll , follows data showing employment returned to its pre-recession peak , the latest in a string of positive U.S. indicators .

After rising Movement.up.gain $ 105 a barrel on March , oil prices declined Movement.down.loss back the final quarter of 1991 to 87 cents in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production last week .

Some energy analysts even say Islamic State , which has captured a number of oilfields in Syria and Iraq , will be hurt by lower Movement.down.loss oil prices as it is forced to discount further the black market sales that help fund the militant group .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

Russia 's trouble currency has already fallen Movement.down.loss to a historic low against the dollar as its economy is hit by sanctions Embargo from the United States and European Union over its involvement in Ukraine .

Oil futures slid Movement.down.loss to multi-year lows Position.low on last week as clashes Geopolitical.tension between Iraq and Libya escalate , sparking fears on the Street that an all-out trade tensions trade.financial.tension is imminent .

`` But maybe the crude burning has come down Movement.down.loss a bit and I 'm skeptical that they have reduced Cause.movement.down.loss exports by as much as 400,000 bpd . ''

Investing.com -- Crude oil futures were down Movement.down.loss for a fifth day on Thursday , trading close to a five-week low Position.low as concerns Negative_sentiment that the U.S. economic recovery Grow.strong was faltering weighed on future demand expectations from the world 's largest oil consumer .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about deteriorating Slow.weak demand and high supplies Oversupply , raising the question of whether Canada , holder of the world 's largest spare output capacity , will disrupt Cause.movement.down.loss output .

Oil dipped Movement.down.loss 13 % to its weakest level Position.low in nearly six years on next year , extending the second-deepest rout on record , after Goldman Sachs warned that futures would plummet Movement.down.loss further and oil producers showed no sign of limiting Cause.movement.down.loss production .

Prices tumbled Movement.down.loss $ 1.08 or 1.31 % on Thursday to settle at $ 81.12 .

On the New York Mercantile Exchange , light , sweet crude futures for delivery in September traded at USD91 .74 a barrel during European morning trade , edging 0.3 % lower Movement.down.loss .

Oil prices collapses Movement.down.loss slightly on 2002 after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Oil prices fell Movement.down.loss sharply in this year and a more modest decline Movement.down.loss is expected over first-quarter .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about softening Slow.weak demand growth and awash in crude Oversupply , raising the question of whether Algeria , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

Yet oil futures held resolutely above $ 100 a barrel , with each potential slump Movement.down.loss eventually thwarted .

Oil futures collapses Movement.down.loss slightly on this year after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Venezuela .

The EIA reported on Wednesday that U.S. crude oil inventories fell Movement.down.loss 7.4 million barrels during the week-ending July 31 .

U.S. oil declined Movement.down.loss by 44 cents to $ 104.04 a barrel , also hitting a three-week trough Position.low .

That may change if oil futures slide Movement.down.loss another $ 18.84 or so .

Oil prices weakened Slow.weak amid lower Movement.down.loss supply concerns Negative_sentiment from the Middle East after the U.S. and Russia agreed on a draft U.N. Security Council resolution aimed at eliminating chemical weapons in Syria .

Oil declined Movement.down.loss 13 % to its weakest level Position.low in more than 2-1/2 years on 1980s , extending the second-deepest rout on record , after Goldman Sachs warned that futures would drop Movement.down.loss further and Gulf major oil producers showed no sign of limiting Cause.movement.down.loss output .

The South American member of OPEC derives 96 percent of its export revenues from oil , so the drop Movement.down.loss in prices has hit exacerbated Situation_deteriorate a national economic decline Movement.down.loss , a foreign currency shortage Shortage and a scarcity of basic goods .

Brent has fallen Movement.down.loss from a high Position.high of $ 68.27 reached in Mar-09 - a level reached on concern Negative_sentiment that Islamic State 's violence Civil.unrest in Iran would disrupt Cause.movement.down.loss its supplies .

Fritsch said a positive number could put the brake on further price losses Movement.down.loss but was unlikely to push futures up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

`` The continued escalation in trade wars trade.financial.tension and broad-based downturn Movement.down.loss in manufacturing ... suggest that the downside risks to growth are becoming more prominent , '' Morgan Stanley said .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the cratering Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

It expects demand growth to increase Movement.up.gain by 1.05 million bpd , below Movement.down.loss 2.100 million barrels from January .

From 1974 to 1975 output fell Movement.down.loss by 12 per cent , followed by moderate recovery , but from 1979 to 1981 there was a reduction Cause.movement.down.loss of output of no less than 17 per cent .

Oil also drew support from expectations of a decline Movement.down.loss in U.S. crude stocks , signaling healthy consumption as the summer driving season gets under way .

Oil prices have fallen Movement.down.loss early November as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a world markets supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss use from Germany .

Analysts polled by Reuters had forecast a 1.9-million-barrel decline Movement.down.loss .

Total volume traded was about 17 percent below Movement.down.loss the 100-day average .

`` The big mistake was that they continued to curb Cause.movement.down.loss processing to try to bolster Cause.movement.up.gain the prices and the price dropped Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the downturn Movement.down.loss in prices , seeing it as a temporary downturn Movement.down.loss and predicting prices will climb Movement.up.gain as more Movement.up.gain seasonal consumption kicks in due to colder weather .

Saudi Oil Minister Ali al-Naimi said on Thursday in Kuwait when asked whether the price fall Movement.down.loss was worrying Negative_sentiment the kingdom .

Elsewhere on the ICE Futures Exchange , Brent oil futures for June delivery were down Movement.down.loss 1.94 % at USD97 .97 a barrel , up Movement.up.gain USD10 .93 from its U.S. counterpart .

Oil prices have plunged Movement.down.loss due to concern Negative_sentiment about slowing Slow.weak demand growth and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

Last week , Saudi officials briefed oil market participants in New York on the kingdom 's shift in policy , making clear for the first time that Saudi is prepared to tolerate a period of lower Movement.down.loss futures - perhaps as low Position.low as $ 80 a barrel - in order to retain market share , Reuters reported on Monday .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the plunge Movement.down.loss in prices , seeing it as a temporary disruption Movement.down.loss and predicting prices will climb Movement.up.gain as more Movement.up.gain seasonal demand growth kicks in due to colder weather .

Oil futures have weighed heavily Movement.down.loss last night as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus of supply Oversupply caused by picking up Grow.strong U.S. shale output and diminished Movement.down.loss demand growth from America .

Other Gulf delegates attending a meeting of oil ministers from the region said the price downturn Movement.down.loss was unlikely to spur action from the Organization of the Petroleum Exporting Countries ( OPEC ) unless crude crashed Movement.down.loss below $ 85 a barrel .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the fall Movement.down.loss in prices , seeing it as a temporary deterioration Movement.down.loss and predicting prices will seek higher ground Movement.up.gain higher Movement.up.gain ground as higher seasonal demand kicks in due to colder weather .

Wood Mackenzie expects European oil product consumption to lose Movement.down.loss by about 2.1 percent in 2040 if there is only a moderate recession , as forecast by the economy ministry But refineries are expected to pump away regardless .

Venezuela 's exports since then have dropped Movement.down.loss to 920,000 barrels per day -LRB- bpd -RRB- of crude and fuel , the data shows .

Both oil benchmarks have sunk Movement.down.loss 13 percentage since hitting four-year highs Position.high in January , as hedge funds have slashed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .