Oil futures fell sharply on Thursday, with U.S. benchmark prices dropping back from the nearly two-month high seen a day earlier, as an industry report showed global supplies at a record and Hurricane Florence weakened ahead of its expected landfall on the East Coast. In a closely followed monthly report, the International Energy Agency said daily crude-oil output in the Organization of the Petroleum Exporting Countries climbed in August by 420,000 barrels a day, to average 32.63 million a day. That output more than made up for an expected decline in Iranian supply due to extant and pending U.S. economic sanctions. The August report also signaled that global supplies hit a record of 100 million barrels a day.  October futures on West Texas Intermediate crude the U.S. benchmark, fell $1.78, or 2.5%, to settle at $68.59 a barrel, a day after marking the highest settlement since July 20 at $70.37, according to Dow Jones Market Data. November Brent gave up $1.56, or 2%, to $78.18 a barrel on ICE Futures Europe. Wednesday’s settlement for the global benchmark was the highest since May. (source: marketwatch)