Brent crude headed for a sixth weekly loss, the longest losing streak since 2002, as OPEC boosted production to a 14-month high amid a global surplus. West Texas Intermediate was on track for its biggest monthly decline in more than two years.

Futures fell as much as 1.9 percent in London, bringing October's drop to about 11 percent. Both Brent and WTI are poised for their biggest monthly declines since 2012. U.S. crude production climbed to the highest level in at least three decades last week. Traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month.

"Fears of a supply glut and slow economic conditions continue to weigh on the market," said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut. "The bears are in control and the market continues to come under pressure."

Brent for December settlement slid $1.37, or 1.6 percent, to $84.87 a barrel at 11 a.m. New York time on the London-based ICE Futures Europe exchange. The volume of all futures was 21 percent below the 100-day average. Prices have lost 1.5 percent this week.

WTI for December delivery declined $1.30, or 1.6 percent, to $79.82 a barrel on the New York Mercantile Exchange. Volume was 11 percent below the 100-day average. Prices are down 12 percent this month and 1.5 percent this week. Brent traded at a premium of $4.98 to WTI on ICE, compared with $5.12 at the end of last week.

Gold fell to lows since 2010 due to the good economic data from the US and the strengthening of the dollar, as lower metal prices contributed fixation losses investors.

Gold prices fell dramatically after the strengthening of the dollar to nearly four-week high against a basket of major currencies. The dollar was supported by strong data on US gross national product, as well as by the central bank of Japan, who suddenly decided to expand its massive monetary stimulus, triggering a decline in the yen.

Gold has fallen in price by 4.7 per cent this week, and it is the biggest weekly decline since June of 2013.

"We believe that the gold price will fall, given the US economic recovery and expectations of higher interest rates - said Chen Min, an analyst at the market of precious metals in Jinrui Futures from Shenzhen. - In the long term, gold is likely to make its way closer to the level of $ 1.000 per an ounce. "

Stocks of the world's largest fund ETF SPDR Gold Trust on Thursday declined by 0.16 percent to 741.2 tons, six-year low.

The cost of December gold futures on the COMEX today dropped to 1160.50 dollars per ounce.

(raw materials / closing price /% change)

Light Crude 80.97 -0.18%

Gold 1,199.90 +0.11%