Oil remained weak in Asia on Thursday after data showing record US stockpiles sent prices tumbling to the lowest level in nearly six years in the previous session and analysts said a global glut would continue to keep the market under pressure.
Global oil markets resumed their slide on Friday, with Brent and US crude hitting April 2009 lows and ending down for a seventh straight week, although prices recovered from their lows after a sharp drop in the US oil rig count.
Brent crude fell towards $104 a barrel on Thursday to a fresh four month low as plentiful supplies and continued progress in talks between Iran and the West over Tehran's disputed nuclear programme weighed on prices.
Brent crude oil moved above $104 per barrel on Tuesday, supported by stronger equities markets and rising Middle East risk but held back by ample supplies and concern over fuel demand as global economic growth remains tepid.
Oil prices fell as increasing stockpiles of crude and oil products in the US undercut the economic optimism that boosted equities markets.
Front-month US crude futures fell 76 cents to settle at $70.04 a barrel, erasing gains from earlier.