WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Friday and were set for a weekly loss on concerns over slowing demand in China, the world's biggest crude importer. Continued gains in the U.S. dollar index and U.S. Treasury yields also weighed on prices.
Benchmark Brent crude futures fell 1.1 percent to $71.75 a barrel in European trade, while WTI crude futures were down 1.3 percent at $67.80.
Demand concerns returned to haunt investors as mixed economic data highlighted China's uneven economic recovery.
Data showed earlier today that China's industrial output expanded at a slower-than-anticipated 5.3 percent in October, while retail sales jumped an annual 4.8 percent to surpass expectations boosted by a week-long holiday and the annual Singles' Day shopping festival.
Property investment fell 10.3 percent year-on-year in January-October and fixed asset investment growth in the first ten months of 2024 came in below expectations, keeping alive calls for Beijing to unveil more stimulus.
Meanwhile, the dollar was poised for a big weekly gain after Federal Reserve Chair Jerome Powell's remarks poured cold water on rate cut optimism.
Powell said the U.S. central bank does not need to rush to lower interest rates and can approach decisions carefully, given persistent inflationary pressures.
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