Oil slumped on Friday and were poised to wrap up the week on a dip as worries over retreat in demand surpassed bets on more limited supply on Middle East turmoil.

US crude futures dipped 1.9% at $77.14 per barrel while brent crude 1.7% to $82.23 per barrel.

More worries about declining demand were raised by a run of dismal economic data points from throughout the world, particularly when statistics last week revealed that both Japan and the United Kingdom had entered recessions in the fourth quarter.

The prognosis for petroleum demand was further clouded by expectations of higher-for-longer U.S. interest rates, as multiple signals from the Federal Reserve suggested the bank was not in a rush to start reducing interest rates.

This week, there was expected to be a 1%–2% loss in Brent and WTI contracts due to ongoing worries over the direction of demand.

A decline in economic activity was indicated by purchasing managers index readings in the U.S., Japan, and the euro zone through February, while the introduction of new stimulus measures in China did not instill much confidence.