Oil extended a run of declines after falling into a bear market, heading for its longest losing streak on record.
Futures in New York fell for a 10th day, extending a dramatic plunge that's dragged prices down more than 20 percent from a four-year high reached in early October. In London, Brent sank to a seven-month low below $70 a barrel. The drop comes days before the Organization of Petroleum Exporting Countries meets with partners in Abu Dhabi, having signaled it may cut output next year.
West Texas Intermediate for December delivery dropped 83 cents to $59.84 a barrel on the New York Mercantile Exchange at 12:56 p.m. London time. The contract fell 1.6 percent on Thursday, and is headed for a 5.2 percent decline on the week -- its fifth consecutive such decrease. Total volume traded was 77 percent above the 100-day average.
Brent futures for January settlement slid 79 cents to $69.86 a barrel on the London-based ICE Futures Europe exchange. Prices are also on course for a fifth weekly drop, down 4.1 percent. The global benchmark crude traded at a $9.84 premium to WTI for the same month.