USA light crude lost $4.03, or 7.4 per cent, to touch a low of $50.60 a barrel, also the weakest since October 2017.
Brent crude fell $3.13, or 5 percent, to $59.47 a barrel by 1:01 p.m. EST (1801 GMT), after earlier touching $58.41, its lowest since October 2017. OPEC is expected to meet in Vienna on December 6 amid expectations that it will curb output in 2019.
But the anticipated cuts have done little so far to prop up the price.
Subsequently, the prices dipped to Dollars 72.68 per barrel on November 5, down 14.6 per cent month-on-month, on fears of a glut in the market.
Volatility has spiked to its highest since late 2016, as investors have rushed to buy protection against further steep price declines.
The recent downtrend in oil prices has most definitely taken "some by surprise", Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Friday.
James Comey Reacts to House Republicans Subpoenaing Him: ‘Happy Thanksgiving’
Comey, who was sacked by Trump , tweeted of House Republicans: "I've seen enough of their selective leaking and distortion. Let's have a hearing and invite everyone to see", he tweeted.
Shooting at Alabama shopping mall
The police officers involved in the shooting have been placed on administrative leave, pending an investigation into the shooting. Shots were fired in an Alabama mall on Thursday, injuring two and killing one as shoppers flocked to Black Friday sales.
How major USA stock indexes fared Tuesday
ENERGY: Benchmark U.S. crude lost 75 cents to $53.88 per barrel in electronic trading on the New York Mercantile Exchange. President Donald Trump and his Chinese counterpart Xi Jinping will meet at the Group of 20 summit in Argentina next week.
Oil prices have extended a sharp plunge today to hit the lowest levels in more than one year on fears of a global supply glut.
Demand next year meanwhile is expected to grow at a rate of 1.3 million bpd, compared with a forecast of 1.5 million bpd six months ago.
However, Trump has made it clear that he does not want oil prices to rise and many analysts think Saudi Arabia is coming under USA pressure to resist calls from other OPEC members for lower crude output.
"The market doesn't believe that OPEC is going to be able to act swiftly enough to offset the coming slowdown in demand", Flynn said.
As India continues to be a large importer of crude oil, a change of even United States dollars 1 per barrel will impact the country's import bill by Rs 6,160 crore, says India Ratings (Ind-Ra). "In that scenario, Brent prices likely recover back into the $70s", Morgan Stanley commodities strategists Martijn Rats and Amy Sergeant wrote in a note to clients. "On the other hand, in the 1-in-3 probability that OPEC does not come to an agreement, there is still downside to Brent prices, although probably not much below the high-$50s in the next few months". Trade tension between America and China is raising concerns over demand and Trump renewed a call for lower oil prices.
On Wednesday, the USA president publicly thanked Riyadh for helping to keep a lid on oil prices - but again called on the de-facto leader of OPEC to push prices even lower over the coming months.
The group relaxed this strategy in June, but in September, some of the world's leading oil producers were talking about pumping extra oil onto the market in order to help soothe intensifying supply shock fears.