The price of oil extended a weeklong plunge Friday, falling 1.6 percent to below $94 a barrel, as a rebounding U.S. economy drove the dollar higher and signs continue to emerge that there is an ample supply of crude worldwide.

Benchmark U.S. oil for February delivery fell $1.48 to close at $93.96 a barrel in New York. Brent crude, used to price international crude processed by many U.S. refineries, fell 89 cents to close at $106.89 a barrel in London.

U.S. crude fell by $2.98 on Thursday, the biggest one-day drop since November of 2012. Prices have fallen 6.4 percent over the past week, after oil closed above $100 last Friday for first time since October.

Demand is rising in the U.S., but supplies appear to be sufficient. The Energy Department reported Friday that average petroleum demand over the past four weeks rose 3.3 percent compared with last year.