LONDON, Nov 21: Oil prices continued to struggle under $50 per barrel on Friday after they hit their lowest levels in almost four years on concerns over weakening demand and the prospect of a global recession.

The New York contract for light sweet crude for delivery in January gained a marginal five cents to $49.47.

Earlier Friday, New York crude fell to $48.25 -- the lowest point since May 2005.

On London’s InterContinental Exchange (ICE), Brent North Sea crude for January dipped 21 cents to $47.87.

The Brent contract had earlier dropped to $47.40, its lowest level since February 2005.—AFP