decline in oil prices[/size]
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With markets also hurt by the increase in US supplies, global crude futures for Brent crude hit $ 65.78 a barrel by 05:28 GMT, down 52 cents, or 0.8 percent, from the previous settlement.
US WTI futures fell 41 cents, or 0.7 percent, to $ 56.25 a barrel.
Financial markets, including oil futures markets, were hit by comments from European Central Bank President Mario Draghi on Thursday that the economy was "in a period of continuous weakness and widespread mistiness."
Economic weakness in Europe comes at a time when growth in Asia is also slowing.
So far, demand for oil remains high, especially in China, where crude imports remain above 10 million bpd.
However, slowing economic growth will reduce demand for fuel at some point, which will put pressure on prices.
In terms of supply, prices are receiving subsidies this year from production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), according to Reuters.
But these efforts are undermined by increased US crude production, which has risen by more than 2 million bpd since early 2018 to an unprecedented 12.1 million bpd.
The Organization for Economic Co-operation and Development (OECD) said on Wednesday it expected growth to not exceed 3.3 percent in 2019 due to trade tensions and uncertainties surrounding the political situation. In November, the organization expected 3.5 percent.
"Reducing the expectations of the Organization for Economic Co-operation and Development (ECB) and the European Central Bank (ECB) has stopped rising prices because markets are tense because of weak demand," said Benjamin Lo, analyst at the Phillips Ventures group.
"The impact of economic slowdown, trade disputes and geopolitical uncertainties affect global oil demand," he said.