Mubasher: Oil prices continue its downwards trend on Friday, recording its worst monthly losses since 2008.

Nymex futures for January delivery dropped 1% and settled on Friday at the level of $50.93 a barrel, extending its monthly decline to 22%, despite being 1% for the week.

Brent crude futures for January delivery also lost 1.3% and closed at $58.71 per barrel, falling 22 in November.

The worst losses in a decade for crude prices are mainly driven by concerns regarding a market oversupply, however, an anticipated production cut during the next summit of the Organization of the Petroleum Exporting Countries (OPEC), alongside other major producers led by Russia could help oil prices recover before the end of the year.