WASHINGTON (dpa-AFX) - Oil prices fell sharply on Friday with traders assessing the situation in the Middle East, and the outlook for oil demand from China in the wake of recent weak data from the world's second largest economy.
Data showed China's oil refinery output declined for the fourth consecutive month in July, reflecting a slowdown in fuel demand.
Chinese refineries sharply lowered crude processing rates last month on tepid fuel demand.
Crude oil refineries in China produced 6.1% less fuel in July this year than a year earlier, logging the fourth consecutive monthly decline in output, Reuters reported, citing data from the Chinese National Bureau of Statistics.
The OPEC and the International Energy Agency's downward revision in global oil forecasts weighed as well on oil prices.
West Texas Intermediate Crude oil futures for September ended down by $1.51 or about 1.9% at $76.65 a barrel.
Brent crude futures dropped to $79.68 a barrel, down $1.36 or nearly 1.7% from the previous close.
Traders closely followed the developments on the geopolitical front. According to reports, Qatar's Prime Minister has told Iran's leader to refrain from attacking Israel while Gaza cease-fire talks are ongoing in Doha.
The latest talks are aimed at averting a wider conflict in the Middle East following recent assassinations of Ismail Haniyeh, the political leader of Hamas, in Tehran, and Fuad Shukr, a top Hezbollah military commander, in a Beirut suburb.
Hamas officials are not participating directly in the talks but have signaled a willingness to consider new proposals from the Israelis.
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