The price of oil was knocked lower on Friday by a combination of ample supplies and lukewarm demand.
Benchmark oil for July delivery was down 40 cents to $93.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell three cents to close at $94.25 a barrel in New York on Thursday.
The price sank as low as $92.21 in the morning after weak manufacturing data from China raised questions about the strength of oil demand in the world's number two economy.
Brent crude, a benchmark for many international oil varieties, fell 14 cents to $102.30 a barrel on the ICE Futures exchange in London.
The American Petroleum Institute had said in a statement earlier this week that US crude oil stocks for April ended at 388.9 million barrels, the highest inventory level for the month since 1981.
Traders were awaiting the release by the U.S. Commerce Department of durable goods orders for April for the latest clues on the health of the US economic recovery.
