Oil fell on Thursday, hitting two-week lows on pressure from a strong dollar and worries that surging U.S. crude output might thwart OPEC's efforts to drain global supply.
U.S. crude finished Thursday's session down 65 cents, or 1.1 percent, at $60.99, after touching an intraday low of $60.18.
Brent crude, the global benchmark, was down 89 cents, or 1.4 percent, at $63.84 a barrel at 2:22 p.m. ET, after sliding as low as $63.19.
The session lows for both benchmarks were the lowest prices in two weeks.
Oil also fell due to a stronger U.S. dollar, which makes commodities denominated in the U.S. currency more expensive for other currency holders. The dollar index hit a near six-week high on Thursday following consumer inflation figures showing the largest gain in 12 months.