OPEC wants non-OPEC producers such as Russia to support the intervention by curbing their output
Major players such as ONGC, Oil India, Reliance Industries, and BP skip the auction
A win for environmental groups that had fought development of the ecologically fragile region
The falls in oil came as prices for gold jumped, while dollar fell sharply against a basket of other leading currencies
Analysts said markets were also weighed down by traders pulling out money from futures ahead of US elections
Indications of higher-than-expected US stockpiles is also dragging on sentiment
Brent crude futures were at $50.54 per barrel at 0241 GMT, up 7 cents from Thursday
Doubts about OPEC's supply cut deal have been weighing on market this week
US crude inventory data is closely watched to gauge supply and demand in the world's biggest crude consumer
US crude inventory data is closely watched as a means to estimate the country's supply overhang
OPEC hopes to remove about 700,000 bpd from an estimated global supply of 1.0-1.5 million bpd
Prices slid as much as 0.9 per cent in New York after rising 0.4 per cent on Friday
"Market fundamentals, in terms of supply and demand, have begun to improve," Falih said.
Dollar hit 7 month highs against basket of currencies and a 3 month peak versus the euro after the ECB kept interest rates unchanged
International Brent crude futures were at $52.14 a barrel, up 46 cents, or 0.89 per cent
International Brent crude futures were at $52.27 a barrel, up 59 cents, or 1.14 per cent
Traders said a drop in the dollar away from seven-month highs the previous day supported crude
Oil declined as Opec members added supply and US producers increased drilling, threatening to compound a global surplus.Futures fell by as much as 1.8 per cent. Libyan output expanded to 560,000 barrels a day, according to the National Oil Corp, up from 540,000 last week. Iran repeated plans to boost production to 4 million barrels a day. Nigeria aims to raise output by 400,000 barrels a day to 2.2 million, Oil Minister Emmanuel Ibe Kachikwu said in New Delhi. Rigs targeting crude in the US rose for a seventh week to the highest since February, Baker Hughes said.Oil has fluctuated near $50 a barrel amid uncertainty about whether the Organization of Petroleum Exporting Countries will implement an agreement to reduce supply. An Opec committee will meet later this month to try and resolve differences over how much individual members should pump. The details of how supply will be reduced needs to be finalised by the group's next meeting in Vienna on November 30.
Crude prices have more than halved since mid-2014, forcing companies to cut billions of dollars in costs
Apache's discovery in the southern reaches of the Permian underscores the potential