* U.S. oil slips as low as $80.66; Brent falls to $106.05
* Raft of weak economic U.S. data renews fear of recession
SINGAPORE, Aug 19 (Reuters) - Oil prices fell on Friday, extending the previous session's plunge, on renewed fears of weak demand following a slew of lacklustre data from the world's top oil consumer, the United States.
Brent
The contract has slipped more than 9 percent this month, the worst since a 15 percent drop in May 2010.
U.S. crude
A raft of weak U.S. economic data and concerns about the health of European banks renewed fears of a new recession, triggering another round of selling across commodities and stock markets similar to the violent sell-offs seen at the start of the month as investors dumped riskier assets.
"This short-term downturn is not done yet. It could take WTI to as low as $75. The fundamental picture is not that bad but if the overall economy remains weak it is very hard to make a case for a bull run in oil," said Tony Nunan, a risk manager with Mitsubishi Corporation in Japan.
Brent oil could extend the current fall to $105.24 per barrel, while U.S. oil is expected to slide more to $78.85 per barrel, as the bearish momentum is strong, said Reuters market analyst Wang Tao.
The Reuters-Jefferies CRB , a global benchmark for commodities, fell more than 2 percent on Thursday -- its largest daily decline since Aug. 8, when energy, metals and agricultural markets slumped following the Standard & Poor's downgrade of the U.S. triple-A credit rating.
The selling came after data showed factory activity in the U.S. Mid-Atlantic region in August fell to the lowest level since March 2009. The data from the Philadelphia Federal Reserve Bank is viewed as a forward-looking indicator of national manufacturing.
An unexpected fall in existing U.S. home sales in July and a greater-than-expected rise in new claims for jobless benefits in the latest week added to growing fears that the U.S. economic recovery could stall and slide into recession.
Implied volatility in the oil market soared on Thursday, with the Chicago Board Options Exchange's Oil Volatility Index hitting its highest level in more than a week, snapping a steady downtrend.
The U.S. dollar was holding modest gains in Asia on Friday, as the weak U.S. economic data and concerns about European banks sent skittish investors piling into Treasuries. (Reporting by Manash Goswami and Francis Kan; Editing by Himani Sarkar)