Investing.com - Oil futures held near the previous session's five-year lows on Thursday as ongoing concerns over a glut in global supplies weighed.
On the ICE Futures Exchange in London, Brent oil for January delivery declined 4 cents, or 0.07%, to trade at $64.40 a barrel during European morning hours.
A day earlier, London-traded Brent prices tumbled to $63.56, a level not seen since October 2009, before settling at $64.24, down $2.60, or 3.89%.
The Organization of the Petroleum Exporting Countries' monthly report released Wednesday forecast that global demand for the group's oil will drop to 28.9 million barrels a day next year, the lowest in 12 years, and down from 29.4 million barrels a day in 2014.
OPEC's collective crude output fell by 390,100 barrels a day in November to a total of 30.05 million barrels. According to the agency, the decline was led by Libya, which cut production by approximately 248,300 barrels per day to 638,000.
Saudi Arabia's output fell by 60,100 barrels a day to 9.59 million barrels a day, while production in Kuwait dropped by 59,400 barrels a day to 2.69 million barrels a day
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January tacked on 14 cents, or 0.22%, to trade at $61.08 a barrel.
Nymex oil futures hit $60.43 on Wednesday, the weakest level since July 2009, before ending at $60.94, down $2.88, or 4.51%.
The U.S. Energy Information Administration said in its weekly report Wednesday that U.S. crude oil inventories increased by 1.5 million barrels last week, disappointing expectations for a decline of 2.5 million barrels.
London-traded Brent prices have fallen nearly 44% since June, when it climbed near $116, while WTI futures are down almost 43% from a recent peak of $107.50 in June.
OPEC decided to maintain its output target at 30 million barrels a day last month, disappointing hopes the oil cartel would lower production to support the market, as a surplus develops amid the shale boom in the U.S., which is pumping at the fastest pace in more than 30 years.
Kuwait lowered official selling prices for its crude in January, following similar moves from Saudi Arabia and Iraq, indicating that OPEC exporters are stepping up a battle for market share with cheaper U.S. shale oil.