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NEW YORK, Aug 16 (Reuters) – Oil prices fell by nearly 2% on Friday, ending a volatile week with Brent crude settling below $80 a barrel. This decline came as investors adjusted their expectations regarding demand growth from China, the world’s largest oil importer.
Brent crude futures dropped $1.36, or 1.7%, to close at $79.68 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures fell $1.51, or 1.9%, settling at $76.65 per barrel.
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For context, last week’s closing prices were $79.66 for Brent crude and $76.84 for WTI.
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