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Oil prices post third straight weekly loss
Oil futures fell more than $1 a barrel on Friday, July 26, as weak demand from China and hopes for a ceasefire in Gaza increased, potentially easing tensions in the Middle East and supply concerns.
Brent crude futures fell $1.24, or 1.5%, to settle at $81.13 a barrel.
US crude futures fell $1.12, or 1.43%, to settle at $77.16 a barrel.
US refineries are also preparing to cut production as the summer vacation season approaches in early September, according to Reuters.
Oil fell for a third straight week, with Brent down 1.8% this week and West Texas Intermediate down 3.7% this week.
China's total fuel oil imports fell 11 percent in the first half of the year, data showed on Saturday, raising concerns about the outlook for demand from China.
Prices were also weighed down by hopes of a ceasefire in the Gaza Strip.
A ceasefire has been under negotiation for months. U.S. officials believe the two sides in the conflict are closer than ever to a deal for a six-week ceasefire in exchange for Hamas releasing women, sick, elderly and wounded hostages, Reuters reported.
