US West Texas Intermediate (WTI) crude futures turned positive, gaining 37 cents to US$50.89 a barrel, after being negative throughout much of Asia trading.
Del Pino said he had discussed the idea with Russian Energy Minister Alexander Novak in Moscow on Tuesday and that any potential oil freeze or output reduction deal between OPEC and non-OPEC members needed to be reached by an OPEC meeting scheduled for November 30.
Oil prices fell yesterday as Iraq said it wanted to be exempt from an Opec deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze.
The American Petroleum Institute (API) reported that U.S. crude stocks rose by 4.8 million barrels in the week ended October 21 versus a 1.7-million barrel build forecast by analysts polled by Reuters.
Data released Wednesday by the U.S. Energy Information Administration (EIA) said U.S. commercial crude stockpiles fell by 553,000 barrels in the week ended October 21. If the EIA reports a larger-than-expected rise in inventories, it could pressure crude oil prices.
Brent crude futures settled down US67 cents, or 1.3 per cent, at $US50.79 a barrel.
Syrian government opens new Aleppo corridor for evacuations
The council was expected to vote later in the day on a resolution that would call for increased monitoring of crimes in Aleppo. On Wednesday, Russia called on civilians to leave Aleppo, warning that a new offensive would begin once the ceasefire ended.
International Brent crude oil futures rose 35 cents to US$51.81 per barrel at 0910 GMT from their last close.
Iraqi Oil Minister Jabbar Al-Luaibi said on Sunday that Baghdad should be excluded from production curbs because of it's embroiled in a war with Islamic militants. In post-settlement trade, it got down to as low as $50.56. After the API report, it fell as much as $1.25, or 2.5 percent, to $49.27.
"No doubt, the difference now compared to earlier this year, back when the market was primarily reacting to verbal intervention, is now something has been promised and if that promise can not be fulfilled or delivered, then we obviously have a problem", he said, adding that his near-term target for Brent was $49.40, followed by $48.40.
Crude oil declined Wednesday, as doubts about OPEC's ability to drain a global supply glut offset an unexpected draw in USA crude stocks.
But Novak didn't go as far to say that Russian Federation, which produced 11.1 million barrels per day last month, would cap production.
OPEC representatives at the meetings were from Saudi Arabia, Kuwait, Qatar, United Arab Emirates and Bahrain.