Mubasher: Oil prices declined on Friday, with growing concerns regarding a possible weakened global energy demand.

Nymex crude futures for January delivery fell $1.38, or 2.6%, to settle at $51.20 per barrel, recording weekly losses of 2.7%.

Similarly, Brent crude futures for February delivery dropped 1.9% and closed at $60.28 a barrel, settling down 2.3% for the week.

The weekly report of Baker Hughes showed on Friday a decline in the number active rigs drilling for oil in the United States by four to a total of 873.