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Furthermore, we could start to see increased foreign demand for USA crude oil if the dollar continues to weaken.

Oil in London dipped below $50 a barrel for the first time since July 2017 before recovering as the market turmoil and worries over USA supply countered signs the OPEC+ coalition may extend or deepen output cuts.

Futures declined as much as 3.3 percent in NY as US stocks tumbled to the lowest in more than a year, with investors assessing the threat to the economy from a government shutdown. However, production cuts and any OPEC decision before or at its next April meeting, production declines from Iran, Venezuela or other key markets can push crude prices up in the first quarter of 2019. EOG Resources (EOG), a big USA shale producer, was flat.

The makers' partnership, known as OPEC+, plans to bring down yield by 1.2 million barrels for each day, of which OPEC's offer is 800,000 bpd, one year from now, and a few priests have even proposed making further move.

Still, the macroeconomic picture and its impact on oil demand continue to pressure prices.

The Organization of the Petroleum Exporting Countries (OPEC) may hold an extraordinary meeting if the oil market fails to get balanced, according to UAE Energy Minister Suhail al-Mazrouei. Furthermore, some analysts are concerned over OPEC's ability to coordinate oil policy independently of the U.S.as American shale oil becomes a big global player.

Futures sank 11 percent last week in NY, the most since January 2016.

"The main input over the weekend has been the continued intervention by OPEC members", said Olivier Jakob, managing director at Petromatrix. Concerned that a new glut could take shape, Opec and its allies, including Russian Federation, decided earlier this month to return to cutting production in 2019, unwinding a decision taken in June 2018 to pump more oil.

"There are several bearish factors in oil markets, and the situation won't improve anytime soon".

West Texas Intermediate crude for February delivery climbed $1.51/bbl to $44.04/bbl at 9:50 a.m. on the New York Mercantile Exchange. The benchmark Brent crude traded below $54 a barrel, the lowest since September 2017. They had slumped 6.7 percent in the previous session to $42.53 a barrel - the lowest since June 2017.

On London-based ICE Futures, the price of Brent crude oil to be delivered in February advanced by $4.86, to $55.29 a barrel.