Brent was down 18 cents, or 0.3%, at $61.49, WTI was down 21 cents, or 0.4%, at $56.02.

Russian crude producer Lukoil is in talks with Saudi Aramco on potential joint projects outside Russia and Saudi Arabia, including some in Africa, CEO Vagit Alekperov said Wednesday on the sidelines of the Russia-Africa Summit in Sochi.

President of PJSC LUKOIL Vagit Alekperov and Nigerian National Petroleum Corporation (NNPC) Group Managing Director Mele K Kyari signed a Memorandum of Understanding between the companies. Memorandum was signed today at the Russia-Africa economic forum in Sochi.

Brent were down 25 cents, or 0.43%, to $59.45 a barrel , WTI for December delivery fell 32 cents, or 0.59%, to $54.16 per barrel

The brisk pace of U.S. production, now the world’s largest, in the past few years has been a key factor behind the relative weakness in oil prices. Output has slowed recently, however.

An auction next month of oilfields in Brazil may be the priciest ever held, raising at least $50 billion in licensing fees and compensation, according to people familiar with government estimates.

Brent crude LCOc1 was down 57 cents at $58.85 a barrel, WTI crude oil CLc1 declined 39 cents to $53.39 a barrel.

U.S. crude oil production reached a new all-time high of 12.4 million barrels per day (mb/d) – and U.S. natural gas liquids production sustained a record 4.8 mb/d – in September,

U.S. Rig Count is down 5 rigs from last week to 851, Canada Rig Count is down 3 rigs from last week to 143,

Brent fell by 21 cents, 0.4%, to $59.70 a barrel , WTI edged down by 4 cents, or 0.1%, to $53.89 per barrel.