Oil prices dropped 1.6 percent on Friday on a worsening global economic outlook after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese imports and exports slumped last month. With surging U.S. oil supply also unsettling markets, international benchmark Brent crude futures lost $1.08, or 1.6 percent, to $65.22 a barrel at 0945 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 78 cents, or 1.4 percent, at $55.88. Financial markets, including crude oil futures, took a hit after comments on Thursday from ECB President Mario Draghi, saying the European economy was in “a period of continued weakness and pervasive uncertainty”. Europe’s economic weakness comes as growth in Asia is also slowing. So far oil demand has held up, especially in […]