But it is still 1.8 million barrels per day more than this time a year ago. It was only a one-week blip, however, as USA imports exceeded exports last week.
"The U.S.is pumping oil like its going out of fashion and that's providing issues for the traditional supply-demand/OPEC dynamic", said Hue Frame, portfolio manager at Frame Funds in Sydney.
North Sea Brent crude lost $2.41, or 4.0 percent, to a low of $57.20, a 14-month low, and last traded around $58.06, down $1.55.
Monday's price dip tells us two things, says PVM Oil Associates in London: "Either the 1.2 million bpd reduction in the production of the OPEC+ group is not deemed sufficient by the market, or there are other bearish factors at work". -China trade tensions could undermine oil consumption next year, as growth in supply gathers pace. It has still fallen by nearly a third since early October.
The Organization of the Petroleum Exporting Countries agreed last week with Russia, Oman and other producers to cut oil output by 1.2 million bpd from January to stem a build-up in unused inventories of fuel.
OPEC said on Wednesday that demand for its crude in 2019 would fall to 31.44 million bpd, 100,000 bpd less than predicted last month and 1.53 million bpd below what it now produces.
U.S. crude oil production decreased in the week ending December 7, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Saudi Arabia - the de facto head of OPEC - churned out 410,000 barrels a day to a historic high of 11.06 million barrels a day.
The baseline for the cut is October's production as reported in OPEC's December Monthly Oil Market report, except for Kuwait, which according to delegates will cut from September production. Gains from Saudi Arabia and the U.A.E. offset steep declines in Iran, which were the result of USA sanctions against the Islamic Republic's oil industry, the IEA said.
Iranian output posted the biggest decline, of 380,000 bpd.
West Texas Intermediate for January delivery gained as much as $1.15 to $52.80 a barrel on the New York Mercantile Exchange, and traded at $52.60 as of 8:36 a.m. local time. Brent oil prices have failed to rally even after the agreement was announced. That was the first weekly decline since October, analysts at the Sevens Report wrote in a newsletter Thursday, but they noted that given a change in the way the EIA reports production, in increments of 100,000 as opposed to exact estimates, "the decline could have been a rounding error".
Canadian businessman Michael Spavor poses with girls at a school in Rason Special Economic Zone, North Korea, in 2012. Asked about it on Wednesday, Assistant Attorney-General John Demers said his department was not "a tool of trade".
Joseph County Police in IN say 17-year-old Breana Rouhselang's body was in a dumpster about a block from her home. Sunday, they found evidence of a violent crime before ultimately discovering Rouhselang's body in the dumpster.
Mourinho had also been unhappy that United's board failed to back his wish to sign a central defender in the off-season. It's the same for me and if the club thinks there is someone who can do it better, then they have to change today.
Mizoram and Telangana were won by regional parties, the Telangana Rashtra Samithi and the Mizo National Front, respectively. Congress is leading in 94 constituencies and BJP is ahead on 80 seats while as many as 14 Independents are surging ahead.
Harvey joked briefly about the incident in exchanges with contestants and said "You all can't let that go" and "I'm still here". Apparently it worked, because the 24-year-old Miss Philippines was crowned Miss Universe 2018 on Monday in Bangkok .
Tory rebels successful managed to stage a no-confidence vote in Mrs May, which could see her ousted tonight by 9pm. As news of the contest broke, ministers, including Jeremy Hunt and Michael Gove rallied round the Prime Minister.
President Donald Trump announced Saturday that Zinke will leave the administration at the end of the year. Senate Minority Leader Chuck Schumer was scathing about Mr Zinke in response to the news he was leaving.
We valued his performance, he did the same today as he's played in the last few games, but he was in a better situation to score'. Richarlison exchanges passes with Lookman, but lashes over the bar from 18 yards out.
At the start of this morning's hearing in the Auckland District Court, Judge B Thomas addressed members of Ms Millane's family. CCTV image from December 1 shows the last known sighting of Grace Millane whose 22nd birthday was the next day.
What Obamacare ruling could mean for your health care
The Trump administration declined to defend the mandate, spurring Democratic officials in 16 states to intervene. That could include the section that allows parents to keep young adult children on their coverage until age 26.
North Korea marks 7th anniversary of Kim Jong Il's death
Pyongyang has stayed mostly away from provocations as it has turned to diplomacy in its dealings with the rival South. The statement by North Korea's Foreign Ministry was carried by the regime's official Korean Central News Agency .
Jabari Parker reportedly dropped from Chicago Bulls rotation
You've just got to keep moving. "Going forward, he's part of our team, and it's not about the individual, it's about the team". After the Bulls struggled, former coach Fred Hoiberg shifted Parker to a reserve role after three games in the preseason.
Donald Trump knew hush money was wrong, says Cohen
His astonishing response overnight included a barrage of confusing and angry tweets as well as a freakish appearance on Fox News. Cohen was on Wednesday sentenced to three years in jail for crimes including tax evasion, bank fraud and lying to Congress.
Qualcomm wants iPhone Xs, Xs Max, XR banned in China too
The report further explains Apple would roll out software updates to its ban imposed iPhones in an attempt to fix possible issues. Apple's W1 chip: What is it, and why don't Android users get a bite? Apple has asked a Chinese court to reconsider the ban.
Fancy a McLaren-themed smartphone? It's here!
Rumours are rife that the new OnePlus 6T McLaren edition will come packing a whopping 10GB of RAM and 256GB of internal storage . And finally, the McLaren Edition features an Papaya Orange trim paint job, McLaren logo, and carbon fiber-like back.
US returns war trophy bells to the Philippines
This comes months after Defense Secretary James Mattis approved the return of wartime artifacts back to the Philippines. The bells will be officially handed over to officials of Balangiga, Eastern Samar on Saturday, Dec. 15.
Local Marine one of the five missing off coast of Japan
A multinational effort to find survivors included U.S., Japanese and Australian aircraft and U.S. and Japanese ships. According to a news release from the Marine Corps , the next-of-kin for the fallen Marines have been notified.
Nicki Minaj defends new boyfriend convicted of rape
One year ago, Minaj's 39-year-old brother, Jelani Maraj , was found guilty of raping an 11-year-old girl at his NY home. Minaj later confirmed the allegations , writing on Instagram , "He was 15, she was 16.in a relationship".