Oil skids to 6-week lows on economic worries

Crude oil futures see-sawed in volatile trading on Friday after dropping to six-week lows as the economic outlook remained gloomy. though some buying sparked by oversold conditions limited losses.
On Thursday, oil slid more than 4% on recession fears the day after the U.S. Federal Reserved warned of significant risks facing the world's top economy.
Brent crude has fallen nearly 7% from a week ago, pressured by uncertainties about the euro zone debt crisis while U.S. crude has dropped more than 8 percent as investors worried about the weak economy.
"The petroleum markets are seeing mixed trade flows, with an inconsistent balance between possible profit-taking by shorts ahead of the weekend versus some follow-through selling," said Tim Evans, energy analyst at Citi Futures Perspective in New York.
"Worries remain regarding the risk of Greek debt default and while the G-20 moral support to Europe to boost its financial stability funding is better than nothing, the markets are interested in seeing action and not just words," he added.
In London, Brent crude for November delivery was off 38 cents at $105.22 a barrel by 11:45 a.m. EDT (1545 GMT), after dropping to $103.43, the lowest since Aug. 10.
U.S. November crude was down 44 cents at $80.07, after hitting a session low of $77.55, the lowest intraday for a front-month contract since Aug. 9.