Oil drops below $36, touches fresh four-year low

London: The price of oil fell below $36 on Friday to its lowest level in more than four years.

US light crude for January delivery were down 51 cents at $35.71 a barrel. London Brent crude was trading 59 cents up at $43.95.

Oil prices have fallen by more than $110 from their peak above $147 in July. They look set for their second biggest weekly decline since 2003.

Oil has continued to drop despite pledges by the Organisation of the Petroleum Exporting Countries this week to remove 2.2 million barrels per day from its supply.

Saudi Arabia's Oil Minister Ali Al Naimi, speaking in London, said on Friday the country would be pumping less oil in January.