Brent slides to $64 on excess supply worries Feb 10, 2018 0 318 12345 ReutersLONDON Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly loss in 10 months, as record-high US crude output added to concerns about a sharp rise in global supplies.The drop came amid a rout in global equity markets sparked by inflation fears.Brent futures were down 81 cents at $64 a barrel by 1502 GMT. Earlier in the day, they fell as far as $63.70, the lowest since December 20.US West Texas Intermediate (WTI) crude was down 80 cents at $60.35 a barrel, after falling to as low as $60.07, its lowest since December 29.Both contracts have fallen more than 9 percent from this year's high point in late January. Brent was heading for a weekly loss of nearly 7 percent, its biggest since April, while WTI's weekly decline of nearly 8 percent is the steepest since March."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."In its place is a deepening price rout that has quashed any lingering pockets of optimism."US domestic crude production hit a record of 10.25 million barrels per day (bpd) for the most recent week, according to the US Energy Information Administration (EIA), while an outage on a key oil pipeline in the North Sea proved short-lived.OPEC member Iran also announced plans on Thursday to increase production within the next four years by at least 700,000 barrels a day, which Brennock said marked"a hat-trick of heartaches" for oil bulls."This will be a tall order as the specter of fresh US sanctions looms but nevertheless exacerbated the sell-off," Brennock said.US production gains have put it on track to overtake the current output in Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries (OPEC). The US increases have complicated efforts by OPEC and other producers, including Russia, to force down excess global inventories by cutting output. The group extended the production cut deal, which began in January 2017, until the end of 2018.An increase in US exports is also challenging OPEC members' market share in key regions such as Asia."We think that surging supply and slowing demand growth will tip the market back into a surplus this year," analysts at Capital Economics said in a note. Pages 123 POST A COMMENT RELATED ARTICLES US markets: Wall St sinks for fifth day Feb 10, 2018 0 429 Facebook launches $10 mn community leader awards Feb 10, 2018 0 341 Asian spot LNG price rebounds Feb 10, 2018 0 402 Waymo, Uber settle trade secret dispute SAN FRANCISCO: Alphabet Inc's Waymo self-driving vehicle unit and ride-hailing firm Uber Technologies Inc have settled their legal dispute over trade secrets, the two companies said on Friday. Uber agreed to pay .. Didi takes aim at Japan's taxi market Tokyo Chinese ride-hailing giant Didi Chuxing announced a deal with Japanese telecom firm SoftBank on Friday to develop a taxi app in Japan, where services like Uber have struggled to make inroads. SoftBank and Didi ..