NEW YORK, Jan. 22 (UPI) -- Crude oil prices continued their downward slide in tandem with equity markets in New York Friday, finishing close to $74 per barrel.

Crude prices have dropped from a recent peak above $83 per barrel on concerns demand is low in the still-tenuous world economy while supplies are sufficient.

"There remains ample supply of crude oil and oil products on the U.S. market," a note written by Commerzbank AG market analysts said, MarketWatch reported Friday.

The Energy Information Administration this week said U.S. oil supplies had dropped to less than 500,000 barrels, but gasoline stockpiles had risen by 3.9 million barrels.

On Friday, light, sweet crude prices shed $1.66, ending the day at $74.14 per barrel. Heating oil prices lost 0.0408 cents to $1.9415 per gallon. Reformulated gasoline prices added 0.0193 cents to $1.9650 per gallon. Natural gas prices added 0.169 cents to $5.814 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $2.727 per gallon Friday, down from Thursday's $2.733, AAA said.