World oil prices dropped in Asian trade Friday and is likely to end again on a lower note for the fourth week on demand concerns.
WTI crude for September delivery was seen trading at $81.27 a barrel at 12.00 noon Singapore time while Brent crude was at $106.31 a barrel on the ICE Exchange in London.
Analysts said weaker economic growth in the US and other top oil consumers continued to hit the black Gold as demand for oil remained very low this week.
Oil Futures slipped as much as 2.1 percent as oil supplies in the US are 4 percent higher than the five-year average after unexpectedly rising last week.
US Energy Department report said country’s oil inventories increased 4.23 million barrels to 354 million last week.
On Thursday, US Crude Oil prices sank nearly six percent after a fresh plunge in global stock markets, as traders fretted over warnings about a new vicious recession that could slam demand for energy.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in September, lost $5.20 to $82.38 a barrel.
In London, Brent North Sea crude for October delivery dropped $3.61 to $106.99 a barrel.
The price drops came after Morgan Stanley issued a report on Thursday that said the United States and Europe are dangerously close to recession and that growth in the big emerging economies would be slower than it earlier forecast.
