Oil settles down 2% on weaker Chinese demand, uncertainty over Fed rate cut
Oil prices settled down more than 2% on Friday as investors fretted about weaker Chinese demand and a potential slowing in the pace of U.S. Federal Reserve interest rate cuts.
Brent crude futures settled down $1.52, or 2.09%, to $71.04 a barrel. U.S. West Texas Intermediate crude futures (WTI) settled down $1.68, or 2.45%, at $67.02.
For the week, Brent fell around 4%, while WTI declined around 5%.
China's oil refiners in October processed 4.6% less crude than a year earlier because of plant closures and reduced operating rates at smaller independent refiners, data from the National Bureau of Statistics showed on Friday.
The country's factory output growth slowed last month and demand woes in its property sector showed few signs of abating, adding to investors' concerns over the economic health of the world's largest crude importer.
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