Brent crude oil fell $2.31 a barrel, or 3.7%, to a low of $60.29, its lowest since November 2017. By 1050 GMT, Brent was trading around $60.75, down $1.85.
WTI oil lost $2.90, or 5.3%, at one point to touch a low of $51.73 a barrel, the Business Standard reported.
Global oil supply has surged this year. The International Energy Agency expects non-OPEC output alone to rise by 2.3 million bpd this year, up from its forecast six months ago of 1.8 million bpd.
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.
