Reuters, Houston :
Oil futures fell on Friday, declining more than 7 percent on the week after data showed China’s economic growth slowed and investors digested a mixed Middle East outlook.
Brent crude futures fell $1.39, or 1.87 percent, to $73.06 a barrel. US West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05 percent.
Brent settled more than 7 percent lower this week, while WTI lost around 8 percent, marking their biggest weekly declines since Sept. 2, when OPEC and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.
In China, the world’s top oil importer, the economy grew at the slowest pace since early 2023 in the third quarter, though September consumption and industrial output beat forecasts.
“China is key to the demand side of the equation so that is very much weighing on prices here today,” said John Kilduff, partner at Again Capital in New York.
China’s refinery output declined for the sixth straight month as thin refining margins and weak fuel consumption curbed processing.
“We cannot ignore the impact of electric vehicles in China,” said Neil Atkinson, Paris-based independent energy analyst and former head of the oil division at the IEA.