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/ Source: Reuters

U.S. crude futures fell below $60 a barrel on Thursday, the first time in five years that it breached the psychologically-important support, as oil markets extended this week's losses on concerns that supplies were outstripping demand.

New York Mercantile Exchange's front-month West Texas Intermediate contract for U.S. crude was down 96 cents at $59.98 a barrel by 2:18 p.m. EST after touching a session low at $59.85. The contract has lost almost 9 percent this week and roughly 45 percent from a June high above $107. Lower oil prices have translated into a drop in gas prices, which has put more money into American pockets during the crucial holiday shopping season.