Oil prices continued to decline toward 11-year low on concerns over global oil oversupply. The International Energy Agency (IEA) said on Friday that the global oil oversupply could rise next year.

"Consumption is likely to have peaked in the third quarter and demand growth is expected to slow to a still-healthy 1.2 mb/d in 2016, as support from sharply falling oil prices begins to fade," the IEA pointed out.

Iran plans to increase its production after a lift-off of sanctions.

WTI crude oil for January delivery slid to $35.60 a barrel on the New York Mercantile Exchange.

Brent crude oil for January dropped to $37.90 a barrel on ICE Futures Europe.