AKIPRESS.COM - Asian shares shuddered and Brent crude oil prices tumbled to their lowest since 2010 on Friday after weak German export data raised fears that Europe's economic woes could drag down the global economy.

Many investors fear that the U.S. economy - the world's largest, but comprising less than a quarter of the entire global economy - cannot escape unscathed when Europe is stalling and many other big economies, including China, Japan and Brazil, face their own hardships, reports Reuters. 

"The global economy continues to recover moderately. But the degree of recovery varies quite a lot from country to country," Japanese Finance Minister Taro Aso told reporters in Washington, where he's attending the annual International Monetary Fund meetings.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 1.5 percent, leaving it down 0.8 percent for the week. Japan's Nikkei share average .N225 also skidded 1.5 percent as the yen strengthened on safe-haven bids, and was off around 3 percent this week.

The concerns on global growth hit oil prices hard. European benchmark Brent crude oil LCOc1 falling to $88.11 a barrel, its lowest level since December 2010. It last stood at $88.26, down 2 percent on the day.