Oil Prices Decline Amid China Economic Concerns

Oil prices fell nearly 2% on Friday, driven by concerns over weakening demand from China, the world's top oil importer, amid poor economic data. Brent crude futures settled below $80 per barrel, with U.S. West Texas Intermediate crude also experiencing similar declines. The drop was exacerbated by China's July data showing a downturn in new home prices, industrial output, and rising unemployment, leading to reduced crude processing rates by Chinese refineries. Meanwhile, fears of supply disruptions due to tensions in the Middle East and the Russian-Ukraine conflict provided some market support. Despite the volatility, the week's overall oil prices remained largely unchanged. Analysts predict that unless Middle Eastern tensions escalate, the primary focus will remain on China's economic outlook affecting global oil demand.