Oil Prices Falls due to Weak Demand from China, Gaza Ceasefire Hopes

Oil futures fell about 1.5  on Friday, ending the week lower on weaker demand from China and rising hopes for a ceasefire in Gaza that could ease tensions in the Middle East and supply concerns.

Brent crude fell $1.24, or 1.5%, to settle at $81.13 a barrel on Friday. US West Texas Intermediate crude fell $1.12, or 1.4%, to $77.16 a barrel.

Brent fell more than 1% on the week, while WTI fell more than 3%.

Latest Oil Prices

WTI Crude                   $77.16   -1.43%

Brent Crude               $81.13   -1.51%

Murban Crude          $80.02   -1.67%

Louisiana Light         $81.18   +0.15%

Bonny Light               $86.00   -0.72%

Mars US                      $75.97   -1.81%

Data released a few days ago showed that China’s total fuel oil imports fell 11% in H1 of this year, raising concerns about the outlook for demand from China.

Moreover, U.S. oil demand is also expected to decline as US refiners prepare to cut production due to the approaching end of the summer vacation season in early September.

Meantime, hopes of a ceasefire in the Gaza Strip have also weighed on prices.