Brent crude and West Texas Intermediate extended losses on Thursday being negative for the last straight seven weeks. Brent Crude lost -2.44%, currently trading at USD47.50 a barrel. West Texas Intermediate declined by -1.40% currently quoted at USD47.80 as Iraq announced to further boost its exports to a record level.

The global glut continues in 2015 and a low global demand weighs amid record output from U.S. shale drillers - U.S. crude production increased by 60,000 barrels a day last week according to the EIA and stockpiles expanded. Both major brands lost more than 50% of their value since mid-2014 but the OPEC, responsible for 40% of worldwide oil-production, decided to leave output-rates unchanged around 30 million barrels a day and repeatedly reaffirmed not to change policy in the fight for market share. Record Russian output not seen since the end of the Soviet Union further adds to the downward pressure on oil prices.