Oil prices headed for a second year of steep losses in their last trading hours of 2015 as record OPEC supply created an unprecedented global glut that may take another year to clear.
U.S. West Texas Intermediate (WTI) crude futures traded 10 cents lower at $36.50 a barrel at 1221 GMT (7:21 a.m. ET) on Thursday and Brent was 4 cents lower at $36.42 a barrel.
Brent prices are set for a third year of declines after ending 2013 slightly lower and falling sharply over the past two years.
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