Oil prices fell about 2% at settlement on Friday, little changed for the week as Brent crude fell below $80 a barrel, amid lower investor expectations for demand growth from top oil importer China.
Brent crude futures fell $1.36, or 1.7%, to settle at $79.68 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.51, or 1.9%, to $76.65 a barrel.
Brent ended last week at $79.66 a barrel, while WTI was at $76.84 a barrel.
Data from China on Thursday showed the economy lost momentum in July as new home prices fell at the fastest pace in nine years, industrial production slowed and unemployment rose.
That has stoked concerns about weaker demand from the world’s biggest oil importer, with refiners sharply cutting crude runs last month due to weaker fuel demand.
The Organization of the Petroleum Exporting Countries (OPEC) on Monday cut its demand forecast for this year, citing a weak outlook in China.
The Paris-based International Energy Agency also cited weak demand in China when it cut its 2025 forecast on Tuesday.
Oil prices rose at the start of the week as traders awaited Iranian retaliation against Israel for the assassination of Hamas leader Ismail Haniyeh in Tehran last month.
A new round of Gaza ceasefire talks began in Qatar on Thursday and were suspended until next week.
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