WASHINGTON (dpa-AFX) - Oil prices fell on Friday amid concerns about the outlook for demand due to largely to the economic slowdown in China. Hopes of a ceasefire in Gaza weighed too.
Some profit taking after recent sharp gains contributed as well to the drop in oil prices.
West Texas Intermediate Crude oil futures for September ended down $1.12 or about 1.4% at $77.16 a barrel. WTI crude futures lost about 1.9% in the week.
Brent crude futures fell to $81.13 a barrel, down $1.24 or about 1.5%.
Oil prices rose higher on Thursday, lifted by strong U.S. GDP data, and Wednesday's data from the Energy Information Administration that had showed another drop in U.S. crude inventories.
A report released by the Commerce Department showed real gross domestic product in the U.S. surged by 2.8% in the second quarter after jumping by 1.4% in the first quarter. Economists had expected GDP to increase by 2%.
Data released earlier this week showed China's apparent oil demand fell 8.1% to 13.66 million barrels per day in June, prompting concerns about consumption. The surprise rate cut by China raised concerns about the current situation the world's second largest economy.
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