With surging U.S. supply also unsettling markets, international benchmark Brent crude oil futures were at $65.83 per barrel at 0358 GMT, down 47 cents, or 0.7 percent from their last close.
Oil prices fell on Friday amid growing investor jitters over the global economy, after the European Central Bank (ECB) warned overnight of continued weakness and as fresh data showed Chinese exports and imports slumped last month.
With surging U.S. supply also unsettling markets, international benchmark Brent crude oil futures were at $65.83 per barrel at 0358 GMT, down 47 cents, or 0.7 percent from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.32 per barrel, down 34 cents, or 0.6 percent, from their last settlement.
Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the economy was in "a period of continued weakness and pervasive uncertainty". Europe's economic weakness comes as growth in Asia is also slowing down.
A slowdown in economic growth would also likely result in stalling fuel demand, putting pressure prices.
China's February dollar-denominated exports fell 21 percent from a year earlier, coming in far worse than analysts' expectations, while imports dropped 5.2 percent, official data showed on Friday.
On the supply side, prices have been receiving support this year from output cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Together with some non-affiliated producers like Russia, the producer group has pledged to withhold around 1.2 million barrels per day (bpd) of supply to tighten markets and prop up prices.
But these efforts are being undermined by soaring U.S. crude oil production, which has increased by more than 2 million bpd since early 2018, to an unprecedented 12.1 million bpd. That makes America the world's biggest producer, ahead of Russia and Saudi Arabia.
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