AMN/ WEB DESK
Oil prices settled down nearly 2 percent on Friday, little changed on the week with Brent crude below 80 dollars a barrel, as investors tempered expectations of demand growth from top oil importer China.
Brent crude futures fell 1.7 percent to settle at 79 dollars and 68 cents per barrel. U.S. West Texas Intermediate crude futures declined by 1.9 percent to 76 dollars and 65 cents. Last week, Brent crude ended at 79 dollars and 66 cents a barrel and WTI closed at 76 dollars and 84 cents.
On Thursday, data from China showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising. That has stoked worries among traders about a slump in demand from the top oil importer, where refineries sharply cut crude processing rates last month on tepid fuel demand.