Oil prices drop as global supply of energy

Oil fell on Thursday, on the way to its fourth consecutive week of decline.

Russia is pumping oil at a post-Soviet high, U.S. crude output has topped 11 million barrels a day and a Reuters survey of OPEC production shows the group more than made up for any declines in Iranian shipments in October.

Brent crude futures were down 79 cents at $ 74.25 a barrel by 1043 GMT, while U.S. futures fell 53 cents to $ 64.78 a barrel.

"Given these (output) numbers, with Russia pumping hard and the United States, and we are not really able to pick a price tag for $ 70- "It's a long time ago," said Saxo Bank senior manager Ole Hansen.

A Reuters survey on Wednesday showed the Organization of the Petroleum Exporting Countries raised oil production last month to its highest since 2016, led with earnings by the United Arab Emirates and Libya.

Brent and U.S. grossed your 2016 monthly recession, with Brent down 8.8 percent for the month and U.S. crude loss nearly 11 percent.

Adding the negative impact of the OPEC output figures, the U.S. Energy Information Administration on Wednesday reported a sixth straight week of builds in U.S. crude inventories.

Brent has declined from a 2018 high of $ 86.74 in early October amid growing concern over a possible slowdown in global growth as the U.S.-China trade dispute heats ups and hits emerging market economies in particular.

"Oil investors are now betting on the potential of a global slowdown," said Bruce Xue, an analyst with Huatai Great Wall Capital Management.

China's manufacturing sector in the United States is expanding its position in two years, and is demanding a deepening of the economy in the United States.