Oil prices dropped by more than one per cent on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
With surging US supply also unsettling markets, international benchmark Brent crude futures were at $65.42 per barrel at 0803 GMT, down 88 cents, or 1.3 per cent from their last close.
US West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, down 63 cents, or 1.1 per cent.
Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the European economy was in “a period of continued weakness and pervasive uncertainty”. Europe’s economic weakness comes as growth in Asia is also slowing down.
