Oil prices fall for 10th straight day amid oversupply concerns

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Oil prices extended further losses on Friday as US crude has entered a "bear market territory" due to lingering concerns over excessive supply and shrinking demand.

Friday's data marks a 10-day decline, the longest losing streak on record for US crude oil since 1984, according to local data companies.

Worries about supply glut has cast a pall over the market. US crude inventories recorded the seventh straight weekly increase, according to a Wednesday report of the US Energy Information Administration (EIA).

The EIA also projected that US oil production will average 12.1 million barrels per day in 2019, higher than its previous forecast.

For the first time in October, Russia, the United States and Saudi Arabia collectively produced more than 33 million barrels per day (bpd), amounting to more than one third of the world's almost 100 million bpd of crude oil consumption.

The West Texas Intermediate (WTI) for December delivery dropped 0.48 US dollar to settle at 60.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery was down 0.47 dollar to close at 70.18 dollars a barrel on the London ICE Futures Exchange.

Source(s): Xinhua News Agency