Jerusalem: Oil prices fell Thursday as investors focused on assessing the likelihood of a supply glut and weak demand in the United States. Brent crude futures fell 38 cents, or 0.6 percent, to $63.14 a barrel. West Texas Intermediate (WTI) crude futures also fell 47 cents, or 0.8 percent, to $59.13 a barrel.

According to Qatar News Agency, global oil prices had already declined for the third consecutive month in October due to concerns about oversupply following production increases by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, coupled with continued rising output from non-OPEC producers.