Oil ascends to $51 after soak slide; development fears gauge

Oil producers to have extra meeting if output cuts 'not enough': UAE

"The growth of the vehicle culture in China, and in India (where in October, pre-sanctions, India's crude oil imports rose to their highest level in more than seven years - and a series of record-breaking months for auto sales) will continue to take up whatever excess supply we see in the global market", Yastine said.

Crude dropped to the lowest level since July 2017 as concerns over a weaker global economy and turbulence in Washington overshadowed signals from OPEC that it may deepen output cuts.

"What's happening in the stock market is raising fears that the economy is grinding to a halt and thereby will basically kill any future oil demand", said Phil Flynn, an analyst at Price Futures Group in Chicago.

The fourth-quarter price decline is likely to cause producers to throttle back on their output, he said.

Futures declined as much as 3.3 percent in NY as US stocks tumbled to the lowest in more than a year, with investors assessing the threat to the economy from a government shutdown. Brent crude is at its lowest level since August 17, 2017.

Turkey says Kurdish forces in Syria must be driven out
Erdogan said last week a military operation against Kurds east of the Euphrates will take place within months. She noted how USA allies are " criticizing us publicly" and how Erdogan is "taking a victory lap".

Turkey leader promised he'll 'eradicate' ISIS in Syria
Trump has long bemoaned the amount of money the USA spends overseas and complained that other countries don't pay their share. Defence officials have cautioned against a timeline, but the withdrawal could begin in weeks.

Solskjaer makes dream start as Man United thrash Cardiff
The Frenchman returned from injury and picked up just where he left off as he impressed in Ole Gunnar Solskjaer's first game. We can not play like this and score five goals and then lose.

Elsewhere, U.S. political turmoil triggered by the partial shutdown of the federal government is also adding to market concerns.

Meanwhile, WTI crude oil futures rose 7.1% to $45.5 per barrel and Brent crude was up 6.5% to $53.7 per barrel on Wednesday. The market settled early ahead of the Christmas holiday. -China trade disputes have contributed to the steep plunge in crude oil prices. The declines were led by Hess Corp., which lost 8.4 percent, the most in nearly three years, after Venezuelan forces temporarily halted ships working at a formation Hess and ExxonMobil are developing offshore Guyana. Global equities have fallen almost 9.5 per cent so far in December, their biggest one-month slide since September 2011, when the euro-zone debt crisis was unfolding.

Investors globally anxious about economic slowdown amid higher US interest rates and the US-China trade dispute.

During a news conference at a gathering of the Organization of Arab Petroleum Exporting Countries in Kuwait on Sunday, the United Arab Emirates' energy minister, Suhail al-Mazrouei said that OPEC and its allies could organize an extraordinary meeting to discuss deeper output cuts if the current 1.2 million barrels cut were not enough the balance the markets.

Iraq's Oil Minister Thamer Al-Ghadhban said that there is a consensus among OPEC and non-OPEC producers to comply with the new agreement to trim output in a bid to stabilize the market.

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