November still marks the largest one-month drop for oil since the financial recession ten years ago, having lost about 22 percent so far.
Fundamentally, investors remain concerned about the continuous flow of US supply along with new worries that Saudi Arabia is insisting that it will not cut production on its own to stabilize supply and prices.
Russia's energy ministry is discussing potential oil production cuts with local producers and will continue talks to come up with a position by the OPEC/non-OPEC meeting in early December, Energy Minister Alexander Novak said last week.
Saudi Arabia is confident that OPEC and its allies can reach a deal to stabilize the market when they meet next week.
Brent crude futures LCOc1 fell 64 cents on the day to $58.12 a barrel, off an earlier session high of $59.51, while US crude futures CLc1 dropped below $50 for the first time in over a year.
Russia is comfortable with oil at around $60, Russian President Vladimir Putin said on Wednesday, a week ahead of the OPEC+ meeting in Vienna and just two days before the G-20 summit in Buenos Aires, at which Putin is expected to meet separately with U.S. President Donald Trump and with Saudi Crown Prince Mohammed bin Salman.
"With fears over excessive supply and worries about falling demand the primary themes weighing on oil markets, the outlook for Brent Crude and WTI remains bearish", said Lukman Otunuga, analyst at futures brokerage FXTM.
Russian Federation is the second biggest oil exporter in the world, making its economy vastly dependent on the global oil market.
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Brent crude, the global benchmark, was down 65 cents, or 1.1 percent, at $59.56 a barrel by 9 a.m. ET (1400 GMT), after trading as high as $61.27.
USA stockpiles were expected to build again in the latest week, traders said, citing data from energy information service Genscape.
The chart shows the cost of production of oil and gas per barrel for the countries by using data from Rystad Energy UCube and The Wall Street Journal. US crude dropped 29 cents, or 0.6 per cent, to $51.16 a barrel.
Attention later in the session will focus on the new round of USA inventory data to see if it reinforces expectations of an emerging supply glut.
USA crude inventories zoomed to 450 million barrels as of the week to November 23, exceeding expectations, the Energy Information Administration data showed on Wednesday.
The supply and demand fundamentals remain bearish, but the early price action suggests the technical picture may be improving.
Also, increased cautiousness ahead of Friday's Trump-Xi meeting on trade keeps the black gold on the defensive.