By around 1415 BST, the price of Brent Crude oil was 0.30% lower at $72.67 per barrel.
Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value.
And in the United States, crude production is now well over 11 million bpd, putting the United States in a neck and neck race with Russian Federation for the title of top producer.
The price of crude oil fell yesterday after a new report from OPEC revealed that its members were increasing production. Earlier fears that American sanctions on Iran could result in a crude shortage are also receding, as the US shale boom gains new momentum and the Trump administration vacillates on how aggressively to target Iranian exports.
The market is growing confident output from other sources, including Saudi Arabia/Opec, Russia and the USA, can offset the declines.
Because of the concerns about possible shortage of supply due to USA sanctions on Iran, the oil market is also beginning to be anxious about possible oversupply and inventories that are rising in many other parts of the world.
Oil has become a risk-off trade and is being negatively impacted by the same factors hurting stocks, including worries of a global economic slowdown, the Federal Reserve tightening its policies, trade concerns and rising dollars.
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Oil production for Chevron (NYSE:CVX) was also higher and profits were healthy as the company more than doubled its earnings for the quarter from a year ago. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019. Continuing trade tensions between the USA and China are raising concerns slower economic growth will slow the demand for oil. U.S. West Texas Intermediate (WTI) crude futures advanced 27 cents, or 0.4 percent, to $66.45 a barrel on Wednesday.
As sanctions take effect, buyers for Iran's crude will dry up.
The focus now remains on the United States jobs report for fresh impetus on the USD-sensitive commodity ahead of the USA rigs count data release.
Few of the central banks out there can influence oil prices but that doesn't mean some won't still raise rates in response to oil-induced inflation, particularly if they see other factors adding to domestic price pressures. The US has allowed eight countries, including India, South Korea, and Japan, to buy limited volumes of Iranian oil as many countries may not be able to cut their purchases to zero, Bloomberg said in a report.
The Organization of the Petroleum Exporting Countries boosted oil production in October to 33.31 million bpd, up 390,000 bpd and the highest by OPEC since 2016.
October wasn't just a tough month for equities, it was also a crushing month for crude oil.
Bears guarding $ 64 barrier, as rising global supplies continue to weigh.