Oil is down in price by nearly $US2 per barrel after the collapse of a $US14 billion rescue plan for US automakers.
Earlier, Goldman Sachs predicted oil could drop as low as $US30 as the credit crunch continues.
US crude oil settled down $US1.70 at $US46.28 per barrel. London Brent crude settled down 98 cents at $US46.41 per barrel.
Department of Transportation figures show motorists in the United States drove 9 billion miles fewer in October than a year earlier - down 3.5%. Sales at US retailers fell for a fifth consecutive month in November.
the Organisation of Petroleum Exporting Countries is to meet again on 17 December in Algeria to consider a further cut in production. Russia will also attend the meeting.
President Dmitry Medvedev said this week that Russia was ready to work with OPEC.
OPEC president Chakib Khelil has called for more "severe" supply cuts at next week's meeting.
Oil prices previously reached a record $US147.27 per barrel on 11 July.
