Oil prices fell on Friday as concerns over a deteriorating demand outlook continued to weigh on the market.

The West Texas Intermediate (WTI) for January delivery decreased 1.66 U.S. dollars, or 2.13 percent, to settle at 76.28 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 1.71 dollars, or 2 percent, to close at 83.63 dollars a barrel on the London ICE Futures Exchange.

For the week, the WTI dropped 4.78 percent, while Brent dipped 4.55 percent, based on the front-month contracts.