Oil prices have fallen for the sixth consecutive day as high output of US crude threatens a global oil glut.
At 1.45pm on Friday (GMT) US crude was trading at $60.26 per barrel, down from a high of $66.20 on 24 January, while UK Brent crude was selling at $64.24, down from $70.46 on the same day.
Oil prices are now on course for their biggest weekly drop in 10 months.
The higher oil prices of the past few months have seen US shale drillers restarting their rigs, counteracting the supply squeeze from OPEC, Russia and other oil-producing nations.
US oil production has topped 10 million barrels per day for the first time since the 1970s.
“It has now become painfully clear for beleaguered oil bulls that the early-year rally was not justified,” PVM Oil Associates’ Stephen Brennock said in a note.
Meanwhile experts at Capital Economics said: “We think that surging supply and slowing demand growth will tip the market back into a surplus this year.”