On Friday, US crude tumbled to a new seven-year low after the Organization of Petroleum Exporting Countries said that last month was the highest production level in more than 3 years, reinforcing concerns about excessive global reserves.
Futures for WTI crude oil for January delivery were traded at $ 36.27 for a barrel, the lowest level since February 2009, losing 1.37% for a day.
On London's ICE Futures Exchange, Brent futures for January delivery fell 1.60% to $ 39.10 per barrel, the lowest level since February 2009.
In its December monthly report, published earlier on Thursday, OPEC said that oil production increased by 230 100 barrels a day in November to 31.695 million, the highest since April 2012, as the cartel retained the strategy to protect its market share, putting pressure on rival manufacturers.
Production of non-OPEC countries will decline next year by 380 000 barrels per day to 57.14 million, while in the US, as is expected, level of production will fall by half, the organization said.
Crude oil futures have collapsed by more than 11% since on the last week, the Organization of Petroleum Exporting Countries did not manage to agree on reducing the surplus on the market.
As a result, oil prices are expected to continue to decline amid the global market oversaturation.
Oil also remains under pressure from expectations that the Fed is close to the decision to raise interest rates for the first time since 2006 at its forthcoming meeting on 15-16 December.
Rising interest rates make the US currency more attractive for investors looking for profit.
Dollar-denominated oil futures contracts tend to be cheaper in the period of strengthening of the dollar as oil becomes more expensive for buyers using other currencies.
As for other commodities, gold futures were down during the European session on Friday. On the COMEX division of the New York Mercantile Exchange, gold futures for February delivery were traded at a price of $ 1067.30 per ounce, falling 0.44%.
As for other products traded on the COMEX, silver futures for March delivery fell 0.46%, reaching US $ 14.045 per troy ounce, while copper futures for March delivery rose 2.07%, reaching the level to $ 2.115 per pound.
The USD index, showing the relationship of the US dollar to a basket of six major currencies, was down 0.02% and traded at 97.90 USD.