Depressed Oil Prices

New York - Oil prices were still depressed at the local time Friday, amid a strengthening dollar and concerns about sustainable economic recovery.

AFP reported that New York's main contract, light sweet crude for December delivery, fell 74 cents to end the week at 76.72 dollars after sliding more than two dollars on Thursday.

In London, oil, Brent North Sea crude for January delivery lost 44 cents to 77.20 dollars per barrel.

Traders said oil investors following the global stock and foreign exchange markets because of their prospects that weight next week.

Shares continue to give back the profits in Asia, Europe and the United States amid fears the company and the recovery of economists.

In Japan, investors worried that the long struggle consumer price declines could threaten economic recovery in the world's second largest of the worst recession in a decade and undermine corporate profits, and asked consumers to delay purchases.

U.S. economic data this week is not much to calm fears of recovery, pulled down stocks on Wall Street.

Recent data show a little more heat than-expected data on consumer prices, smaller than expected increase in industrial production, unexpected decline in housing starts and building permits and jobless claims reports that failed to fall below the expected 500,000.

The oil market "following the stock market and the dollar," said analyst Andy Lipow of Lipow Oil Associates.

Dollar, a safe currency, strengthened (rally) on Friday as investors avoid risky assets are considered, such as the euro and stocks, amid fears of new forces of global economic recovery.

Higher dollar makes greenback-denominated commodities such as crude oil more expensive for buyers using other currencies.

Concern was also stable market supply. Lipow particularly high point distillation supplies in the United States, the country's largest energy consumer in the world.

Weekly inventory data showed that the U.S. government deposits distillates, which include diesel fuel and heating, down 300,000 barrels last week. Analysts had projected a larger decline 500,000 barrels.

"In the near future, we have a huge oversupply, and the weather forecast for this winter has changed to the normal or warmer than usual winter type (and) if that happens, we'll come out of winter with a large amount of distillate inventories and will be bearish for the oil market, "he said.

New York oil prices on Wednesday through 80 dollars a barrel after data showed crude oil reserves in the United States fell by 900,000 barrels in the week ending 13 November.

Meanwhile, OPEC President Jose Maria Botelho de Vasconcelos has hinted that the price of oil is 75-80 dollars a sufficient level to allow the global economic recovery.

Organization of Petroleum Exporting Countries (OPEC) pumps about 40 percent of world oil production.