Oil dips

Tokyo : U.S. oil prices fell for a sixth day after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies.

The falls come amid a rout in global share markets as inflation fears grip investors.

U.S. West Texas Intermediate (WTI) crude was down 63 cents, or 1 percent, at $60.52 by 0015 GMT.

On Thursday, it closed down 64 cents, or 1 percent, to settle at $61.15, its lowest close since Jan. 2. Brent futures were yet to trade. On Thursday, Brent fell 70 cents, or 1.1 percent, to settle at $64.81 a barrel, their lowest close since Dec. 20. OPEC member Iran on Thursday announced plans to increase production within the next four years by at least 700,000 barrels a day. The U.S. Energy Information Administration (EIA) this week said crude production last week rose to a record high of 10.25 million barrels per day (bpd).