Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and USA crude output hit record highs, adding to concerns about a sharp rise in global supplies, reports.
The drop came amid a rout in global equity markets sparked by inflation fears.
Brent futures were down 44 cents or 0.7 percent, at $64.37 a barrel by around 0700 GMT.
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U.S. West Texas Intermediate (WTI) crude was down 62 cents, or 1 percent, at $60.53 a barrel, having settled down 1 percent in the previous session at its lowest close since January 2. Brent was heading for a weekly loss of almost 6 percent, its biggest since April, while WTI's weekly decline of more than 7 percent is the steepest since March.
Supply-glut concerns grew when the Energy Information Administration (EIA) data showed on Wednesday a build in USA crude inventories and products as well as higher refinery run rates.
Oil prices were also dented by the restart of the Forties pipeline in the North Sea, following an outage the previous day that had sent prices higher when it was announced.
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"This will be a tall order as the spectre of fresh USA sanctions looms but nevertheless exacerbated the sell-off", Brennock said.
Crude output in the U.S.is expected to average 10.6 mbpd this year, an EIA report said earlier this week. Now, surging US exports - largely banned by Washington until just two years ago - challenge the last region OPEC dominates: Asia.
The transformation is reflected in figures released in recent days that shows the USA now produces more oil than and means the Americans are likely to take over the No.1 producer spot from Russian Federation by the end of the year.
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