Oil prices widened their losses in American trade amid expectations OPEC will cut output by less than expected at its official meeting in Vienna. 

As of 13:35 GMT, US crude dropped to $51.20 a barrel, while Brent declined to $59.90 a barrel. 

US crude marked a 0.7% profit yesterday, the second profit in three days, while Brent climbed 0.4% as the US market shut down for an official holiday in honor of late president George H.W. Bush. 

Oil fell over 5% under pressure OPEC might not cut production by as much as previously expected according to latest official statements. 

Saudi energy minister said OPEC will be comfortable cutting output by only a million bpd, compared to market expectations of 1.3 to 1.4 million bpd. 

OPEC's official meeting in Vienna has already started on the ministerial level today to discuss production policies and latest market developments with outside producers, Russia on top of them.

Iran Sanctions 

Otherwise, as US sanctions went into effect on Iranian oil exports starting November 4, eight countries were granted waivers for 180 days, mainly China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey, already the largest importers of Iranian oil. 

Prices hit 13-month lows recently on renewed concerns over a supply glut as global producers pump record amounts of crude while global demand weakens. 

Goldman Sachs expects the meeting to result in an agreement to cut output by 1.3 million bpd into 2019. 

The US private sector added 179 thousand in November, missing estimates of 195K, and compared to 225K in October, revised from 227K. 

Dollar rose in European trade on Thursday for another session as interest grows anew on the greenback as a safe haven, and amid expectations of a Fed rate hike this month for the fourth time this year. 

The dollar index last traded at 97.16, up 0.2% for the day, with a session-low at 96.90. 

The index marked a 0.1% gain on Wednesday away from two-week lows at 96.29, marked earlier this week. 

The Canadian Justice ministry said that authorities arrested Huawei Chief Financial Officer on charges of the Chinese company's violations of US sanctions on Iran. 

Such news are expected to hamper trade negotiations between US and China after a truce declared at the G20 Summit recently, in turn raising risks and souring market sentiment. 

Otherwise, odds are mostly on the Federal Reserve taking another interest rate hike this month, with later data today expected to offer some clues on the Fed's expected path of policy tightening. 

The US private sector is expected to have added 195 thousand last month, down from 227 thousand in October. 

The productivity gauge is estimated with a 2.3% increase, up from 0.9% in the second quarter, while labor costs are estimated with a 1.1% increase, compared to a 1.0% drop before.  

US unemployment claims are expected to have slipped to 226 thousand, while continuing claims are expected with a 15K drop to 1.695 million. 

The ISM services PMI is expected to have slipped to 59.1 in November from 60.3, while factory orders are estimated with a 1.9% decline, compared to a 0.7% increase in September

Bitcoin rose over 3% on Thursday away from week lows hit recently on track for the second profit in three days, in another attempt to trade back above $4,000 as selling pressures subsidize. 

At Bitstamp, Bitcoin rose $121, or 3.2% to $3,815, with an intraday high at $3,835, and the lowest since November 27 at $3,629. 

Bitcoin lost 5.3% yesterday, the third loss in four days on weak investment demand and lack of incentives to buy despite current cheap prices. 

Market value of cryptocurrencies rose over $2 billion on Thursday to a total of $123 billion. 

Bitcoin tumbled 37% in November, the fourth monthly loss in a row, and the largest since March, marking 14-month lows at $3,474. 

Tom Lee, a known Wall Street crypto analysts, put three reasons for the crash, the full split in Bitcoin Cash, the latest measures taken by the SEC, and the bearish global financial market overall. 

In the US, Congressman Warren Davidson announced plans to introduce legislature to regulate cryptocurrencies and Initial Coin Offerings (ICO). 

Davidson said the bill would introduce an "assert class" for cryptocurrencies in order to prevent them from being classified as securities. 

It's worth noting that the US Securities and Exchange Committee (SEC) treats most cryptocurrencies as securities, while the CFTC treats them as commodities.