On Thursday, global oil prices witnessed a fall, prompting the analysts to point out that the factors which apparently led to the slide in oil prices included the anxiety of the traders over poor economic data, a potential end to US stimulus measures, and indications of lower-than-anticipated demand for American crude.

As a result of the Thursday fall in global oil prices, there was a $1.57 fall - to $114.03 per barrel - in Brent North Sea crude for delivery in April, in late afternoon deals in London; and a $2.20 drop, to $93.02 per barrel, in New York's main contract, light sweet crude for April.

The slide in global oil prices underscored the market's acceleration of the earlier losses, following downbeat reports about the job scenario in the US and the business activity in Europe; which together led to greater concerns about flagging worldwide demand for energy.

Noting that the economic data has been disappointing, especially with downbeat eurozone PMI figures and a number of US pointers missing expectations, GFT Markets' analyst Fawad Razaqzada said: "Investors are continuing to sell crude oil, along with risk assets in general, after the Federal Open Market Committee (FOMC)'s last meeting minutes further confirmed fears that the Fed may withdraw or reduce QE sooner than had been expected."