Oil fell 2% on Friday on concerns over China’s demand outlook
The decline in oil prices was largely influenced by concerning economic data from China, which revealed a significant loss in economic momentum in July. New home prices in China fell at the fastest rate in nine years
Oil prices ended the week on a bearish note, settling down nearly 2% on Friday, reflecting tempered expectations for demand growth from China, the world's top oil importer.
Brent crude fell by $1.36, or 1.7%, to close at $79.68/barrel.
WTI crude declined by $1.51, or 1.9%, to settle at $76.65/barrel.
The decline in oil prices was largely influenced by concerning economic data from China, which revealed a significant loss in economic momentum in July. New home prices in China fell at the fastest rate in nine years, industrial output slowed, and unemployment rates rose. These factors have heightened fears among traders about a potential slump in demand from China, where refineries notably cut crude processing rates last month due to tepid fuel demand.
Written by: Rochelle Nguyen