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

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 .

Oil fell Movement.down.loss 5 percent to its lowest Position.low in nearly six years on Monday , extending the second-deepest rout on record , after Goldman Sachs warned that prices would fall Movement.down.loss further and Gulf oil producers showed no sign of cutting Cause.movement.down.loss output .

On the supply side , the Organization of Petroleum Exporting Countries -LRB- OPEC -RRB- and its allies including Russia , known as OPEC + , recommended a further cut Cause.movement.down.loss of 600,000 bpd last week to stem the oil price fall Movement.down.loss .

That may change if oil prices fall Movement.down.loss another 87 cents or so .

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 .

LONDON -LRB- Reuters -RRB- - Global oil demand will fall Movement.down.loss only modestly alongside the expected rise Movement.up.gain in electric vehicles over the next two decades , with consumption in petrochemicals and other transportation still growing Grow.strong , the International Energy Agency said on Tuesday .

Some analysts say it is too early to tell if the latest fall Movement.down.loss in prices is any different from previous declines Movement.down.loss , such as in 2012 and 2013 , when events such as civil war Civil.unrest in Libya and sanctions Embargo on Iran spurred sharp rebounds Movement.up.gain .

World oil prices are set to fall Movement.down.loss further , extending a months-long rout as Iraq is unlikely to make deep enough output caps Cause.movement.down.loss to erase a growing glut in supply Oversupply .

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 tailspin Movement.down.loss and predicting prices will bounce back Movement.up.gain as more Movement.up.gain seasonal demand growth kicks in due to colder weather .

Oil , the world 's most used fuel , has seen futures fall Movement.down.loss by 2.24 % from their 2019 peak Position.high in January , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since June .

Oil , the world 's most used fuel , has seen futures fall Movement.down.loss by 2.24 % from their 2019 peak Position.high in January , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since June .

Oil , the world 's most used fuel , has seen prices fall Movement.down.loss by 13 % from their 2019 peak Position.high in January , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since January .

Oil , the world 's most used fuel , has seen prices fall Movement.down.loss by 13 % from their 2019 peak Position.high in January , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since January .

Oil , the world 's most used fuel , has seen futures drop Movement.down.loss by 30 percent from their 2019 peak Position.high in summer , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since January .

World oil prices are set to fall Movement.down.loss further , extending a months-long rout as Saudi Arabia is unlikely to make deep enough production cuts Cause.movement.down.loss to erase a growing surplus of supply Oversupply .

Oil , the world 's most used fuel , has seen futures fall Movement.down.loss by 40 percent from their 2019 peak Position.high in summer , with Brent crude oil futures threatening to crash Movement.down.loss below $ 60 per barrel for the first time since June .

Oil , the world 's most used fuel , has seen prices fall Movement.down.loss by 20 % from their 2019 peak Position.high in late April , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since January .

Oil , the world 's most used fuel , has seen prices fall Movement.down.loss by 20 % from their 2019 peak Position.high in late April , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since January .

In 2010 the country still imported half of the crude it consumed , but the U.S. Energy Information Administration forecasts that will fall Movement.down.loss to little more than 20 percent next year .

There is no room for further output fall Movement.down.loss . ''

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

On Tuesday , the American Petroleum Institute said oil supplies declined Movement.down.loss by 5.087 million barrels in the week ended October 27 , compared to expectations for a fall Movement.down.loss of 2.100 million barrels .

Oil , the world 's most used fuel , has seen prices plunge Movement.down.loss by more than 40 % from their 2019 peak Position.high in January , with Brent crude oil prices threatening to fall Movement.down.loss below $ 60 per barrel for the first time since June .

Brent extended the previous session 's losses to fall Movement.down.loss to a three-week low Position.low as traders took profits , dropping Movement.down.loss 59 cents to $ 110.65 a barrel by 1037 GMT .

LONDON ( Reuters ) - European demand for diesel is expected to have collapsed Movement.down.loss in the fourth quarter of 2018 for the first quarterly fall Movement.down.loss in nearly two years , the International Energy Agency reported on Thursday , the latest sign of slowdown Slow.weak in the fuel market .

The expected fall Movement.down.loss in U.S. crude inventories of another 163,000 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 .

U.S. oil futures settled sharply higher Movement.up.gain Friday after government inventory data showed a smaller-than-expected fall Movement.down.loss in crude inventories , but contrasted with unofficial figures that had showed a massive supply build Movement.up.gain , sparking a relief rally .

Analysts were expecting gasoline inventories to fall Movement.down.loss by 800,000 .

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

Oil fell Movement.down.loss 5 percent to its lowest Position.low in nearly six years on Monday , extending the second-deepest rout on record , after Goldman Sachs warned that prices would fall Movement.down.loss further and Gulf oil producers showed no sign of cutting Cause.movement.down.loss output .

`` We think that OPEC may not react at all until prices fall Movement.down.loss below $ 90 . ''

There will be a negligible response from U.S. shale producers in the second quarter , but output will fall Movement.down.loss in the third quarter by 75,000 barrels per day -LRB- bpd -RRB- , the bank said .

Oil futures plunged Movement.down.loss sharply in Wednesday and a more modest fall Movement.down.loss is expected over Tuesday .