Oil prices today fell to their lowest since the third quarter of 2017, heading for losses of more than 10 percent in a week, as global oversupply kept buyers away from the market ahead of the long festive break.

Brent crude prices, in intra day trade today, were trading around 53 dollars and 15 cents per barrel. WTI prices were at around 45 dollars and 40 cents per barrel when reports last came in.