Oil prices dropped more than one percent on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude futures slipped US$1.25, or 1.2 percent, to US$106.26 a barrel by 0303 GMT. WTI crude futures fell US$1.24, or 1.2 percent, to US$104.47 a barrel.

Oil prices are under pressure this week, along with global financial markets, on jitters over...