NEW YORK, Nov. 23 (Xinhua) -- Oil prices tumbled on Friday, as the market has been overwhelmed by persistent fears over supply gluts.

Ongoing concerns about oversupply has further roiled investors sentiment, as Saudi Arabia said Thursday that its oil output in November would surpass October's production of 10.6 million barrels per day, according to Energy Minister Khalid al Falih.

The minister also said he expected oil demand to shrink in January and the kingdom would try to calm the anxious global market, as "it is not in anybody's interest to create a glut."

He made the remarks a day following U.S. President Donald Trump's call for the world's top oil producer to curtail the constantly falling oil prices.

The latest weekly U.S. Energy Information Administration report also worsened the current situation, as U.S. crude stockpiles gained a fresh round of increase of 4.9 million barrels last week, extending its gaining streak to a ninth straight week.

The West Texas Intermediate for January delivery slumped 4.21 U.S. dollars to settle at 50.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery plunged 3.8 dollars to close at 58.8 dollars a barrel on the London ICE Futures Exchange.