Oil prices decline amid concerns about demand after China’s economy slows

Oil futures fell on Friday, heading for a weekly loss of more than six percent, weighed down by demand concerns as China’s economy slows and supply risks stemming from the conflict in the Middle East. ‘ decline.

By 1028 GMT, Brent crude futures fell 47 cents, or 0.6 percent, to $73.93 a barrel, while US West Texas Intermediate crude fell 45 cents, or 0.6 percent, to $70.22 a barrel.

The two benchmark crude oils are set to suffer a loss of more than six percent this week, their biggest weekly decline since September 2, after the Organization of the Petroleum Exporting Countries ( OPEC) and the International Energy Agency reduced their expectations for global. oil demand in 2024 and 2025.

There are fears that Israel could be attacked on… Iran It could disrupt Tehran’s oil exports.

The economy of China, the world’s biggest oil importer, grew in the third quarter at the slowest pace since early 2023, but data on consumption and industrial production came in better than expected in the September.

The output of the refinery also decreased China For the sixth month in a row, weak fuel consumption and declining refining margins negatively impacted processing activity.

China’s central bank has put forward two financing plans that will initially pump 800 billion yuan ($112.38 billion) into the stock market through newly launched monetary policy tools.

Crude oil prices were supported after data released by the US Energy Information Administration showed declines in crude oil, gasoline, and distillate inventories in the United States last week.

US retail sales rose slightly more than expected in September, and investors still expect 92 percent of the Federal Reserve to cut interest rates in November.

However, the markets are still worried about possible increases in oil prices due to the growing tension in the Middle East, as the Lebanese group Hezbollah announced on Friday “the transition to a new level and increase in the conflict with the enemy of Israel, which. will be discussed in the coming days” after the killing of Yahya Sinwar.