Mubasher: Oil prices fell on Thursday to its lowest level in five weeks, as American crude extended its losses to 4.5% in two days.

Nymex futures for November delivery dropped 1.6% and settled at $68.65 per barrel, its lowest level since 13 September.

Meanwhile, Brent crude declined below the $80 level and reached $79.35 losing 0.5%.

The Organization of the Petroleum Exporting Countries (OPEC) expects rising crude oil inventories and increased output in the United States to push prices down in the coming weeks.

Crude inventories in the United States rose by 6.5 million barrels last week, according to the data of the Energy Information Administration (EIA).

Meanwhile, American production decreased last week by 300,000 barrels a day.