Crude oil futures ended significantly lower on Friday amid concerns over the outlook for oil demand from China in the wake of recent weak data from the world's second largest economy. Data showed China's oil refinery output declined for the fourth consecutive month in July, reflecting a slowdown in fuel demand. Chinese refineries sharply lowered crude processing rates last month on tepid fuel demand. OPEC and the International Energy Agency's downward revisions in global oil forecasts also weighed on oil prices. Besides, traders closely followed the developments on the geopolitical front. According to reports, Qatar's Prime Minister has told Iran's leader to refrain from attacking Israel while Gaza cease-fire talks are ongoing in Doha.
Benchmark U.S. crude oil futures for September delivery fell $1.51 or about 1.9% to $76.65 per barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $1.36 or nearly 1.7% to $79.68 per barrel on London's Intercontinental Exchange.