International benchmark Brent crude oil futures hit their lowest since December 2017 at $61.52 per barrel, before recovering to $62.10 by 0430 GMT. That was still 50 cents, or 0.8 percent below their last close.
Amid the plunge, Brent and WTI price volatility has surged in November to approach levels not seen since the market slump of 2014-2016 and, before that, the financial crisis of 2008-2009.
High production comes as the demand outlook weakens on the back of a global economic slowdown.
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