WASHINGTON (dpa-AFX) - Oil edged lower on Friday and headed for a third weekly loss on China demand concerns.
Benchmark Brent crude futures dipped 0.4 percent to $82.03 a barrel while WTI crude futures were down half a percent at $77.93.
Oil prices received some support on Thursday as stronger-than-expected U.S. GDP figures raised expectations for increased crude demand from the world's largest energy consumer.
However, prices were coming under pressure today due to concerns about a slowdown in Chinese growth and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.
Data released earlier this week showed China's apparent oil demand fell 8.1 percent to 13.66 million barrels per day in June, prompting concerns about consumption.
Elsewhere, United States Vice President Kamala Harris and the presumptive Democratic nominee after President Joe Biden's decision to end his re-election campaign has pledged not to stay 'silent' about suffering in Gaza, raising hopes of an end to the war.
Speaking to reporters after a meeting with Israeli Prime Minister Benjamin Netanyahu in Washington on Thursday, Harris said that her commitment to Israel's existence and security was 'unwavering', but that 'far too many' innocent civilians had been killed in the war.
Harris said that she had urged Netanyahu to agree to a U.S.-backed ceasefire proposal that would ease the suffering of Palestinian civilians.
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