The more-active February contract rose 6 cents.
USA crude stockpiles went through a 10th straight week of increase, up 3.6 million barrels in the week ending on November 23, piling concerns over supply surplus and sagging demand growth, according to a weekly EIA report released on Wednesday.
He argues that, if OPEC delivers cut of around one million barrels per day, it could see a "rapid recovery in prices" to around $70 per barrel.
The choice facing Saudi Arabia at next week's OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy. The producer group plus non-OPEC member Russian Federation will gather on December 6 and 7 in Vienna to discuss output policy.
While speaking at the Abuja headquarters of the Federal Ministry of Petroleum Resources, Kachikwu made known that Nigeria was now tapping from the vast experience of Saudi Arabia. Baghdad would have a hard time joining other producers in trimming output, he said.
The biggest snag in OPEC's push for a consensus on cutting oil output could come from relentless growth in supply from its second-biggest producer, Iraq. In its northern region, the nation is also seeking to fix oil pipelines and facilities damaged in the more recent conflict with Islamic State militants.
Prices pared losses from session lows after Bloomberg reported OPEC's advisory committee suggested decreasing production by 1.3 million bpd from last month's levels, traders said.
What happens at the G20 will effectively determine the outcome of the meeting of the Organization of Petroleum Exporting Countries and its allies.
Saudi Arabia's energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week's meeting of OPEC and non-OPEC oil producers in Vienna.
"Certainly, we are thinking about what we need to do in order to get free of this burden", Putin said in May.
The kingdom probably needs to keep several hundred billion dollars' worth of reserve assets on hand to maintain confidence in its fixed exchange-rate peg to the US dollar and prevent a run on the currency.
One of the world's major oil contracts, New York's WTI, slumped under $50 per barrel on Thursday, reaching the lowest level in almost 14 months.
But the USA also offered generous waivers to allies who imported Iranian crude and might have struggled to find other supplies quickly when United States sanctions kicked in on November 4.
But in one respect the situation is even more uncomfortable because Saudi Arabia's official foreign reserves are down to just over $500 billion, from nearly $750 billion in June 2014.
Oil prices steadied on Friday as expectations that OPEC and Russian Federation would agree some form of production cut next week balanced pressure from swelling inventories.