Oil prices fell to their lowest since the third quarter of 2017 on Friday, heading for losses of 11 percent in a week, as global oversupply kept buyers away from the market ahead of the long festive break.
Brent crude fell $1.56 to a low of $52.79 a barrel, its weakest since September 2017, before rallying to trade around $53.35, down 11.
5 percent on the week, by 1435 GMT.
US light crude oil was down 30 cents at $45.28, on course for a decline of 11.0 percent for the week.
Crude has lost ground along with major equity markets.