Crude oil futures ended sharply lower on Friday due to concerns about the outlook for demand from China after data showed the world's second largest economy grew at the slowest pace since early 2023 in the third quarter. Data showed that China's economic growth slowed to 4.6% in the third quarter, backing calls for more stimulus measures. Downward revisions in oil demand forecast from OPEC and the International Energy Agency, and slightly easing tensions in the Middle East weighed as well on oil prices.
Benchmark crude oil futures for November delivery slipped $1.45 or about 2.05 percent to settle at $69.22 a barrel on the New York Mercantile Exchange. Brent crude for December delivery fell $1.39 or about 1.87 percent to settle at $73.06 a barrel on London's Intercontinental Exchange.