WASHINGTON (dpa-AFX) - Oil prices fell to a four-week low on Friday amid concerns about the outlook for demand from China, and on renewed hopes of a ceasefire in Gaza.
A firm dollar weighed as well on oil prices.
Expectations of fairly strong summer demand in the U.S., and the recent data showing a drop in crude inventories last week helped limit oil's downside a bit.
West Texas Intermediate Crude oil futures for August ended down $2.69 or about 3.25% at $80.13 a barrel, the lowest settlement since June 17.
Brent crude futures dropped to $82.63 a barrel, losing $2.48 or 2.91%.
There are concerns about the outlook for oil demand from China after a highly anticipated meeting of the Chinese Communist party expected to focus on the economy provided little cheer to investors.
U.S. Secretary of State Antony Blinken said today that a long-sought ceasefire between Israel and Hamas was within sight as negotiators were 'driving toward the goal line.'
'I believe we're inside the 10-yard line and driving toward the goal line in getting an agreement that would produce a ceasefire, get the hostages home and put us on a better track to trying to build lasting peace and stability,' Blinken said. 'There remains some issues that need to be resolved, that need to be negotiated. We're in the midst of doing exactly that,' he added.
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