Mubasher: Oil prices fell for the 10th consecutive session on Friday, the longest declining streak for American crude in 34 years.

Oil rigs count in the United States showed an increase by 12 to a total 886, supporting fears over a contentious increase in production and inventory levels, especially after the recent exemptions by the United States to eight countries from the sanctions on Iranian oil.

Nymex futures for December delivery decreased by 0.8% to its lowest level in 8 months at $60.19 per barrel, bringing the total weekly losses to 4.7%, while Brent is down 0.6% trading at $70.18 a barrel.

Many analysts anticipate that the American crude will not be able to maintain the $60 support level.