Oil lost nearly 5% on Dec. 6 after OPEC signaled it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stocks.
The Organisation of the Petroleum Exporting Countries (OPEC) is meeting in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.
Expectations had been for a joint cut of between 1 million barrels per day (MMbbl/d) and 1.4 MMbbl/d, until Saudi energy minister Khalid al-Falih said before the meeting that the "OPEC+" group would be happy with a cut of just 1 MMbbl/d.
Brent crude futures fell $2.72 on the day to $58.84 a barrel by 1043 GMT, having hit a session low of $58.36, while U.S. futures were last down $2.32 at $50.57 a barrel. The two have lost 30 percent in value this quarter alone.
"Overall, this shows the weak momentum in the market right now and it has clearly not been helped by what has happened over night ... with the sell-off in stocks and weakness in bond yields," Saxo Bank senior manager Ole Hansen said.
"But (OPEC) know how to handle markets. They might be talking it down and then delivering a sucker-punch a bit later,that could also be the outcome."
Led by Saudi Arabia, OPEC's crude oil production has risen by 4.1% since mid-2018, to 33.31 MMbbl/d.
Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 MMbbl/d since the end of 2017, to 56.38 MMbbl/d, meeting almost 60% of global consumption.
"The proverbial rabbit needs to be pulled out of the hat. Are we going to see it or not?" Saxo's Hansen said.
Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices.
The Federal Energy Regulatory Commission (FERC) today approved the Driftwood LNG and Pipeline projects, and the Port Arthur LNG and Pipeline projects.
OPEC and other producers including Russia have gradually tightened supply through 2019 to reduce a global glut. OPEC and its partners may not renew the curbs when they expire after June because of the risk of over-tightening the market.