Oil prices fell about 2% on Friday and were set to end the week around the same levels as last, with Brent crude just below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China.
Brent crude futures LCOc1 fell by $1.06, or 1.3%, to $79.98 per barrel by 2:15 p.m. ET (1815 GMT), while U.S. West Texas Intermediate crude futures CLc1 fell $1.22, or 1.6%, to $76.94.
Brent futures ended last week at $79.66 a barrel, while WTI futures had closed at $76.84.
Data from China on Thursday showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing, and unemployment rising.
That has raised fresh concerns about a slump in demand from the top oil importer, while refineries in the country sharply cut crude processing rates last month on tepid fuel demand.
Earlier in the week, OPEC cut its forecast for this year's oil demand growth, citing softness in China. The International Energy Agency also cited weak demand in China when it slashed its 2025 forecasts on Tuesday.
(Reuters)
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