WASHINGTON (dpa-AFX) - Oil prices fell on Friday, due largely to concerns about the outlook for demand from China after data showed the world's second largest economy grew at the slowest pace since early 2023 in the third quarter.
Downward revisions in oil demand forecast from OPEC and the International Energy Agency, and slightly easing tensions in the Middle East weighed as well on oil prices.
West Texas Intermediate crude oil futures for November ended down by $1.45 or about 2.05% at $69.22 a barrel. WTI crude futures fell more than 8% in the week.
Brent crude futures dropped to $73.06 a barrel, down $1.39 or about 1.87% from the previous close. The contract shed more than 7% in the week.
Data showed today that China's economic growth slowed to 4.6% in the third quarter, backing calls for more stimulus measures.
China's major commercial banks have cut their deposit rates for a second time this year after officials lowered mortgage and lending rates as part of efforts to boost the economy.
In another development, China's central bank has officially launched a swap facility aimed at boosting the equity market.
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