Oil prices tumbled more than 2.5 percent on Friday after OPEC said October output reached another record, casting doubt on whether its plan to limit production is achievable or enough to ease persisting oversupply in the market.
The Organization of the Petroleum Exporting Countries said Friday that its output rose to 33.64 million barrels per day (bpd) last month, up 240,000 bpd from September.
International Brent crude futures traded at $44.74 per barrel at 2:09 p.m. ET, down $1.10, or 2.40 percent, after hitting its lowest since August.
U.S. West Texas Intermediate futures were down by $1.23, or 2.75 percent, to $43.43 per barrel.
U.S. crude oil rigs rose by 2 this week, and now total 452, according to Baker Hughes. Oil rigs in the U.S. have fallen by 122 since this time last year, Baker Hughes said.