NEW YORK, Dec. 29 (Xinhua) -- Oil prices inched down on Friday.

       The West Texas Intermediate for February delivery dropped 12 cents, or 0.17 percent, to settle at 71.65 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery lost 11 cents, or 0.14 percent, to settle at 77.04 dollars a barrel on the London ICE Futures Exchange.