Oil prices fell to its lowest on Friday, given the bigger drop in a month from the end of 2014, although oil producers believe they are cutting production to cope with the rising global surplus.
United States oil is growing faster than demand and preventing the accumulation of unused fuel, such as what emerged in 2015, the Organization of Petroleum Exporting Countries is expected to hold off production after a planned meeting December 6th.
But that has not done so much to support the price. Barrel oil has fallen by about 20 percent so far in November in seven-week losses.
Benchmark Raw Brent crude fell by $ 2.31 a barrel or 3.7% for a low price of $ 60.29, the lowest since November 2017. By 1050 Brent had traded about $ 60.75 to $ 1.85.
US light crude lost $ 2.90, or 5.3%, at one point to hit the dollar at $ 51.73 a barrel.
"The question is how longer the bears can continue firing, whether ammunition will soon disappear, or will they have enough bullets?", Said the PVM Oil Associates strategist Tamas Varga.
"It is reasonable to compare the current economic picture and the supply / demand picture with that four years ago, after all, in November and December 2014, when oil prices fell to the same level as they are now," he said .
Volatility has reached its highest value since the end of 2016 as investors rushed to buy protection against further sharp falls in prices.
Volatility, which is a measure of investor demand for an option, has jumped over 60% for very close sales in the near future, twice more than two weeks ago.
World oil supply rose this year. The International Energy Agency expects only this OPEC production to grow by 2.3 million barrels a year, compared to its preliminary forecast six months ago – 1.8 million barrels.
Demand next year is expected to grow by 1.3 million barrels compared with 1.5 million barrel forecast six months ago.
Adaption to Lower Demand, Saudi Arabia's largest exporter of crude oil said on Thursday it could reduce supply as it forced OPEC to agree a total reduction in production of 1.4 million barrels.