Splits at Opec escalates oil market crisis as Brent, WTI futures register massive intraday declines.
Concerns over Opec ability to lower crude production weighed on oil prices, while gold rose as dollar weakened.
China's official and private Caixin manufacturing PMI came in at 51.2 in October, indicating expansion.
Oil futures took a hammering following reports of splits within Opec ranks.
Analysts say if Donald Trump wins the US election, it could lead to a decline in stock markets.
Both companies are hosting an investor webcast at 8.30am ET, most likely to announce the deal.
Brent, WTI slumped below $50 as traders showed increasing signs of losing faith in Opec promised of a crude production cut.
The UK economy grew by 0.5% over the third quarter of 2016, in the three months after the EU referendum.
Brent, WTI rally after report suggests Opec members may be willing to cut individual production by as much as 4%.
Official data showed that China's industrial profits slowed in September.
Brent, WTI futures extend declines on Iraq's demand for exemption from Opec's proposed production ceiling.
Australia's third quarter consumer price index beat expectations by increasing 0.7% on-quarter.
According to official data, South Korea's GDP for the third quarter grew by just 2.7% on-year.
Brent, WTI futures slide on reports Iraq is demanding exemption from proposed production ceiling on financial grounds.
Japanese exports fell 6.9% in September, better than a Reuters forecast of a 10.4% decline.
Brent, WTI fail to extend recent gains while precious metal benchmarks head sideways after overnight declines.
A few analysts opined that the US currency would continue to gain until December.
The deal is expected to close in the fourth quarter of 2016.
Silver led precious metals lower after the ECB decided to hold interest rates, but hinted at further stimulus action in December.
Asian markets also got a boost from strong US earnings and oil prices touching near 15-month high overnight.
Greater than expected decline in US crude stockpiles for sixth successive week sparks oil futures market frenzy.
The GDP data reduces investor concerns over growth in the world's second largest economy.
Mining giant says oversupply in the raw materials market may be easing.
Oil price registers modest movement as Saudi data points to lower crude production.
Fed vice chairman Stanley Fischer had said that a few economic factors were delaying the jump in interest rates.
Crude futures saw volatile session despite data suggesting short calls on WTI had fallen 53% in recent weeks.
This confidence is, however, expected to drop to zero over the next three months.
Oil benchmarks saw another volatile session after data pointing to supply drops neutralised crude inventories build-up stateside.
China's supplier and consumer prices both increased year-on-year in September.
Oil benchmarks slide on oversupply sentiment, while precious metals struggle against a stronger dollar.