Oil prices continued to decline as the US market opened on Friday to continue its losses for a fifth consecutive day. US crude is trading near a seven-month low recorded earlier in the day. Brent crude is at its lowest level in 10 weeks, A weekly loss in a row, as concerns over the global supply glut rose after OPEC and Russia increased production in October and US production accelerated to its highest level ever.

By 1215 GMT, US crude oil dropped to $ 63.45 per barrel from the opening level of $ 63.57, recording a high of $ 63.93 and a low of $ 63.24.

Brent crude oil dropped to $ 72.75 a barrel from the opening level of $ 72.83, recording a high of $ 73.47 and a low of $ 72.44 since August 21.

US crude was down 2.1% on Thursday, the fourth daily loss in a row, hitting a seven-month low of $ 63.10 a barrel, and Brent crude fell 2.5%.

Global oil prices lost an average of 11.5 percent over October, the first loss in three months, and the biggest monthly loss since July 2017, on concerns about global demand, in addition to Saudi Arabia’s commitment to supply the market with the required supplies.

Over the course of the week, oil prices have so far lost an average of 6%, the fourth weekly loss in a row, among the longest weekly loss since May, as concerns over global supply overshadowed concerns.

The Organization of the Petroleum Exporting Countries (OPEC) boosted its production in October to 33.31 million barrels per day , according to Reuters data, an increase of 390,000 barrels from the average production in September, the highest level of production of the World Organization since December 2016.

In Russia, the world’s largest oil producer, production rose to a new record high of 11.41 million barrels per day in October, and Russian output hit 11.36 million barrels per day in September.

In the United States, the US Energy Agency announced on Wednesday that the country’s oil production increased by 300,000 barrels in the week ending October 26 to a total of 11.2 million barrels per day, the highest level of American production ever.

The number of oil drilling and drilling platforms operating in the US oilfields was released later in the week. Platforms rose last week by 2 platforms to a total of 875 platforms, the highest level of platforms since March 2015, Some forecasts point to a fourth week in a row.