Brent crude stayed below $90 and heading for it biggest decline in 18 months, aided by weak global demand due to bleak data from US and China.

US crude rose 31 cents at $78.51 a barrel, after a four percent loss on Thursday, reported Reuters.

Investors were worried about shrinking business activity across the eurozone following ratings agency Moody’s downgrade of 15 of the world’s biggest banks.

Germany, France, Italy and Spain will meet in Rome today ahead of an EU summit in Brussels next week.