WASHINGTON (dpa-AFX) - Oil prices traded lower on Friday as disappointing U.S. and Chinese economic data raised worries about fuel demand.
Investors also await the outcome of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska later in the day that might lead to a potential end to sanctions and end Russia's war in Ukraine.
Benchmark Brent crude futures fell 0.9 percent to $66.21 in European trade, while WTI crude futures were down 1.1 percent at $63.28.
Fuel demand concerns returned to the fore after U.S. producer price data came in significantly higher than expected and China reported its economy showed signs of slowing in July.
Overnight data showed U.S. producer prices rose 0.9 percent month-over-month in July compared to expectations of 0.2 percent.
On an annual basis, prices rose 3.3 percent, the most since February and up from an upwardly revised 2.4 percent in June.
'Core' producer prices, which exclude food, energy, and trade services, saw the largest increase in three years.
Elsewhere, China's factory output growth slumped to an eight-month low in July and retail sales growth slowed sharply, highlighting demand woes at home.
Fixed asset investment grew just 1.6 percent in the first seven months of the year from the same period last year and new-home prices fell at a faster pace in July, raising worries of a deepening downturn.
Meanwhile, in an interview with Fox News Radio on Thursday, U.S. President Donald Trump said that today's meeting in Alaska could pave way for a second meeting with Ukraine President Volodymyr Zelenskiy.
He also estimated that there was a 25 percent chance that the meeting with Putin would not be successful.
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