Crude prices continued their dizzying spiral down on Friday, shedding nearly four dollars to trade below 114 dollars a barrel as the US currency strengthened amid concerns about energy demand, dealers said.

Brent North Sea crude for September delivery hit an intra-day low of 113.55 dollars a barrel. It recovered slightly to stand at 114.06 dollars, down 3.80 dollars, at about 1420 GMT

New York's main contract, light sweet crude for September stood at 116.28 dollars a barrel, down 3.74.

Oil futures have shed more than 20 percent in value since hitting record highs above 147 dollars per barrel on July 11.

Oil prices are "getting more and more pressure from dollar strength and it doesn't seem reversible for now," said Serge Laureau, commodities strategist at Saxo Bank in Copenhagen, quoted by Dow Jones Newswires.

The dollar struck a five-month high point against the euro on Friday