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Oil prices fell by about 2% on Thursday, with investors focusing on global supply inflation, which is rising faster than many expected.
The market focuses on US crude oil production, which has reached a record high and the evidence from Iraq, the United Arab Emirates and Indonesia shows that production will increase in 2019 faster than expected. Concerns about a possible supply squeeze have diminished a rise in early trade prices driven by Chinese data showing crude oil imports.
Traders said the oil market was affected by US stocks growth, increased OPEC output and improved sanctions on Iran.
Crude Brent dropped $ 1.42, or 1.97%, to $ 70.65 a barrel, the lowest level since mid-August.
The US West Texas Intermediate Index (WTI) declined by $ 1.00, or 1.6%, to $ 60.67 per barrel, the lowest level since March 14.
Customs data showed that China's oil imports rose to 9.61 million barrels per day in October, up 32% over the previous year.
China is allowed to import Iranian crude, with the exception of US sanctions, which will allow it to buy 360,000 barrels per day for 180 days, two sources familiar with Reuters told Reuters.
US crude oil production has reached a new record of 11.6 million bpd, and the United States now exceeds Russia as the world's largest oil producer.
The US Energy Information Administration said this week that it expects production to exceed 12 million barrels per day by mid-2019 due to the oil boom.