West Texas Intermediate for December delivery declined as much as US$1.08 to US$58.85 a barrel on the New York Mercantile Exchange and traded at US$59.09 at 11:29 a.m.in Tokyo.
The Organization of the Petroleum Exporting Countries (OPEC), which is led by Saudi Arabia, agreed in June with a bloc of 10 petroleum-producing nations led by Russian Federation, to increase global supply by one million bpd.
Saudi Arabia will reduce oil supply next month in response to lower demand, and more cuts could follow next year.
A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad al-Rumhi was cited by Reuters as saying.
McNally said it was important for Saudi Arabia to signal to the markets that a production cut was coming as traders anxious about a build up in excess supplies.
But the U.S. president undercut that headline quickly, sending crude prices plunging with a Tweet, expressing the hope that Saudi Arabia will not cut output. The rupiah's plunge to a 20-year low last month is spurring Southeast Asia's biggest economy to push forward with a plan to reduce pain from a growing dependence on imported crude oil.
Falih said Saudi Arabia, the world's largest oil supplier, will cut its production by 500,000 bpd as of next month to help stabilize the market. Nearly two-thirds of the 7.8 million barrels of extra oil that OPEC expects the world to need in 2025 could come from planned capacity expansions in Iraq, Kuwait and Abu Dhabi, Bloomberg calculations show.
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"This announcement of at least Saudi Arabia reducing probably will firm the price", BP Chief Executive Officer Bob Dudley said in a Bloomberg TV interview.
Several analysts said oil prices were likely to turn bullish again.
He also made it a point to mention that they were not in the business of predicting future oil prices. Novak showed no sign he was ready to act immediately and Vagit Alekperov, the CEO of Russia's second-largest oil producer Lukoil PJSC, said there's no need to cut output now.
RBC Capital Markets says the likelihood of an official production cut at OPEC's December 6 meeting has increased.
Iraq and Saudi Arabia agreed on Saturday to work together to stabilize oil markets, Iraq's Oil Ministry spokesman Asim Jihad said, without giving further details.
Tehran, in response, dismissed Washington as Iranian President Hassan Rouhani said in a TV speech that it will "proudly break the unjust sanctions" and continue to sell oil.
On Friday, crude oil futures ended down $0.48, or 0.8%, at $60.19 a barrel.
Markets have fluctuated in recent weeks as a result of fears over a possible drop in supply, as a result of U.S. sanctions on Iran, and an oversupply, as a result of increased production by Saudi Arabia, Russia and the U.S., which have seen prices fall by about 20 percent since early October.