Oil prices on Friday drop down due to fears that the US economy may face a recession and low down the demand for oil.

U.S. crude fall 85 cents to $92.86 a barrel while London Brent crude traded 97 cents down at $91.25 a barrel.

Plus, tha actual scenario in Nigeria is not making the situation any better. Nigeria is Africa's largest oil producer and a major oil supplier to the U.S. On Thursday, U.S. Federal Reserve Chairman Ben Bernanke stated that the central bank was ready to cut interest rates to help avoid a recession but oil prices did react despite the announcement.

Oil had been traded above $90 for almost a month and hit a record high of $100.09 a barrel on January 3, but began to fall on Wednesday after the release of data that showed a rise in U.S. fuel stocks and a further decline in crude supplies.