Oil prices were down Thursday with the U.S.' crude oil production remaining at a record high level, which in turn keeps the glut of supply high on the global oil market while sustaining a downward pressure on prices.
International benchmark Brent crude was trading at $60.91 per barrel at 0755 GMT on Thursday for a 0.4% decline after it closed Wednesday at $61.19 a barrel.
American benchmark West Texas Intermediate was at $55.62 a barrel at the same time for a 0.3% loss after ending the previous session at $55.75 per barrel.
The U.S., the world's largest crude oil producer, saw its crude output remain at a record high level of 12.6 million barrels per day for the week ending Oct. 18, according to data released by the U.S.' Energy Information Administration (EIA) on Thursday.
The global oil market is now focusing on the meeting between OPEC and non-OPEC countries that will be held in Vienna, Austria in December.
At the meeting, Saudi-led OPEC and Russia-led non-OPEC could implement further cuts in their oil production levels to rid some of the oversupply in the market and push prices higher.
By Ovunc Kutlu