Oil prices fell further this evening on weak energy demand and news that the US commodity and options regulator was looking to tighten controls in the energy futures market.
In a report, the International Energy Agency said oil demand in 2010 would be 'sluggish' in the developed world, with emerging markets accounting for any increases and top producers switching supplies to eastern growth markets.
Brent North Sea crude dropped $1.02 to $77.55 a barrel, while US crude slid 95 cents to $78.44.
Oil prices had slipped on Thursday as traders looked at weak energy demand in the US which raised concern about the strength of a fragile recovery in the world's largest economy.
The US Department of Energy (DoE) had on Wednesday reported an unexpected increase in US petroleum reserves.
Prices were also impacted by the Commodity Futures Trading Commission's proposal on Thursday to regulate the energy futures market.
