Oil resumes decline, falling toward $64, oversupply weighs

Oil resumed its downward move on Thursday, falling towards $64 a barrel and within sight of a five-year low, pressured by signs that already ample supply will be even more plentiful in 2015. Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC's most influential voice, Saudi Arabia's oil minister, shrugged off the need for an output cut. North Sea Brent crude LCOc1 gave up an earlier gain and was down 4 cents at $64.20 by 8:30 a.m. ET. It fell to $63.56 - the weakest since July 2009 - on Wednesday. U.S. crude CLc1, which also hit a five-year low on Wednesday, lost 37 cents to $60.57. "We may see some technical bounces, but it is too soon to speak of a sustainable price recovery," said Carsten Fritsch, analyst at Commerzbank, which on Thursday cut its 2015 Brent price forecast to $73 a barrel from $82. Brent has fallen more than 40 percent, or $50, from its 2014 high reached in June and others in the market say the losing streak could have further to run.