Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook.
Brent for January settlement closed down US$4.65 at US$65.47 on the London-based ICE Futures Europe exchange.
Canada's oil sector is divided over whether to force a temporary cut to production, with some major producers pushing the controversial idea in a bid to ease a supply glut and halt a steep plunge in prices, according to people familiar with the matter.
Brent is in so-called "bear market" territory alongside United States crude as it has fallen by more than 20% since its peak - $86 in early October.
Crude prices are influenced by several variables such as speculation on oil trades (known as futures), inventory levels, geopolitics, global economic growth and the relationship between global supply and demand.
"It's like a run on the bank", said Phil Flynn, analyst at Price Futures Group in Chicago. Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.
Worldwide benchmark Brent crude oil futures were down 9 cents at.38 per barrel.
USA futures were on track to close lower for a record 12th straight session, with Tuesday's selloff the worst yet.
Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown, as seen with the economic contractions in powerhouses Japan and Germany during the third quarter as well as in China's falling vehicle sales.
Brent Crude is not down more than 20 percent from its recent high, officially putting it in bear market territory.
Raises non-OPEC oil output growth forecast to 2.4 mln bpd in 2018 and 1.9 mln bpd 2019, from the previous estimate of 2.2 mln bpd and 1.8 mln bpd, respectively. So far, two rounds of auctions have been held during which a collective of at least 1.4 million barrels of oil have been sold to global clients.
Oil prices were hit on Monday after U.S. While the Organization of Petroleum Exporting Countries has indicated it looks to return to production cuts, Russian Federation has not joined the verbal interventions, adopting a "wait and see" approach at an Abu-Dhabi meeting with its allies this week.
In the US, crude inventories stowed at the key pipeline nexus in Cushing, Oklahoma, rose by an estimated 2.5 million barrels last week, according to a forecast compiled by Bloomberg.