NEW YORK , Dec. 14 (Xinhua) -- Oil prices plunged on Friday, as signs of a potential weakening global economy increased market jitters with sharp falls in U.S. stock markets.
Investors digested a batch of downbeat economic data from Europe on Friday, sinking the market into deeper risk aversion.
Eurozone business growth slides to four-year low, adding to worries of a trend of slowing economic activities in major economies in the year ahead.
The IHS Markit Eurozone Composite PMI dropped to 51.3 in December, its lowest since November 2014, according to London-based global information firm IHS markit.
"New business inflows almost stalled, job creation slipped to a two-year low and business optimism deteriorated," said the company in a press release on Friday.
Concerns over excessive supply continued as global demand growth next year is expected to remain sluggish. The International Energy Agency kept its forecast for global oil demand growth unchanged from that of November at 1.4 million barrels per day, slightly higher than the expected growth of 1.3 million bpd this year.
The West Texas Intermediate for January delivery fell 1.38 U.S. dollars to settle at 51.2 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery fell 1.17 dollars to close at 60.28 dollars a barrel on the London ICE Futures Exchange.
