(Reuters) - Brent crude futures slipped below $109 on Thursday, sliding for a fifth straight session in their longest losing streak since June, on concerns global oil demand will slide as the economic outlook for Europe and the United States worsens. A slew of developments overnight, from Germany and France asking Greece to decide if it wants to stay in the euro zone, a slide in a key European manufacturing indicator to the U.S. Fed slashing growth forecasts, have renewed investor concerns the global economic outlook may worsen. "Crude prices are going to be capped by the uncertainty in the global economy, driven by the euro zone crisis, which I don't think will be resolved by this year," said Jeremy Friesen, a commodity strategist at Societe Generale. "I don't think the euro zone is in recession, but the data clearly highlights the danger of a recession." Brent crude for December traded 74 cents lower at $108.55 by 0525 GMT (1:25 a.m. EDT), after slipping to as low as $108.40. In the previous session, it plowed through its 100-day moving average at $111.19 to hit a session high of $111.47. U.S. crude slipped $1.06 to $91.45 a barrel. The new turn to the European debt crisis forced the euro to slip back to a three-week low, while gold and base metals also weakened. The dollar index .DXY rose 0.39 percent as investors sought the safe haven asset. The leaders of Germany and France told Greece it would not receive another cent in European aid until it decided whether it wants to stay in the euro zone. That was after Greece said it would hold a referendum on a second bailout plan. "This move could leave a three-month window of uncertainty during which the financial implications of a "no" vote could be priced into the market," JPMorgan said in a report. PRICE OUTLOOK That announcement came as the final Markit Eurozone Manufacturing Purchasing Managers Index (PMI) for October, which gauges changes in activity levels across thousands of euro zone manufacturers, fell to 47.1, revised down from a preliminary reading of 47.3 and down from 48.5 in September. This marks the third consecutive month the manufacturing PMI has been below the 50 level that divides contraction from growth. Output and new orders indexes plunged to levels not seen since mid-2009. On the other side of the Atlantic, the U.S. Federal Reserve slashed its forecast for growth, raised projections for unemployment and said it was mulling the possibility of buying more mortgage debt to spur a struggling recovery. Brent is expected to fall back to the Tuesday low of $106.10 per barrel, as a downward wave "c" has started, while U.S. oil has completed a wave "b" rebound and is expected to fall toward $89 per barrel, according to Reuters technical analyst Wang Tao. Oil prices are also under pressure after data from the U.S. Energy Information Administration showed that crude stocks rose 1.83 million barrels to 339.46 million barrels in the week to October 28, against expectations of a 1.1 million barrel build on average. "In the near term, we could see some weakening in timespreads with the build in crude inventories," Friesen said. (Additional reporting by Manash Goswami; Editing by Clarence Fernandez)

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