NEW YORK, Nov. 30 (Xinhua) -- Oil prices extended losses on Friday, as piling stockpiles further dampened entrenched concerns over supply surplus, offsetting to some extent market expectations on potential output cut from OPEC and its allies.
Both U.S. crude and Brent, two global oil benchmarks, recorded their weakest month in November for over a decade, losing more than 20 percent.
Investors remained worried over the outlook for global oil policy, as Russia's energy minister Alexander Novak said Friday that Russia was expected to keep its oil output in 2019 at the same level as this year, according to RIA news agency.
He did not rule out the possibility that Russia could adjust its future production, yet that would depend on what deal to be reached between OPEC and non-OPEC producers.
Novak also said he was set to meet his Saudi counterpart during the G20 Summit, with 2019 oil output cut a key focus.
The West Texas Intermediate for January delivery decreased 0.52 U.S. dollar to settle at 50.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 0.8 dollar to close at 58.71 dollars a barrel on the London ICE Futures Exchange.
