Crude oil futures settled at a four-week low on Friday amid concerns about the outlook for demand from China, and on renewed hopes of a ceasefire in Gaza. Traders are concerned about the outlook for oil demand from China after a highly anticipated meeting of the Chinese Communist party expected to focus on the economy provided little cheer to investors. A firm dollar weighed as well on oil prices. Expectations of fairly strong summer demand in the U.S., and the recent data showing a drop in crude inventories last week helped limit oil's downside a bit.
Benchmark U.S. crude oil futures for August delivery fell $2.69 or about 3.25% to $80.13 per barrel on the New York Mercantile Exchange. Brent crude for September delivery declined $2.48 or 2.91% to $82.63 per barrel on London's Intercontinental Exchange.