SINGAPORE: Oil headed for its eighth straight weekly decline in Asia Friday, as sharp falls in equities added to worries lackluster global economic growth will hurt energy demand in an oversupplied market.

US benchmark West Texas Intermediate (WTI) for October delivery, a new contract, lost 54 cents to $40.78 a barrel in afternoon trade, while Brent crude for October tumbled 62 cents to $46.00 a barrel.

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