On Friday, oil futures prices closed lower due to weaker U.S. consumer sentiment and hopes for a Federal Reserve rate cut in September. Brent crude fell by 37 cents, or 0.4%, to $85.03 a barrel, and U.S. West Texas Intermediate (WTI) decreased by 41 cents, or 0.5%, to $82.21 a barrel. Over the week, Brent futures dropped by over 1.7%, and WTI declined by 1.1%. Despite a 0.2% rise in the June producer price index (PPI), investors expect potential Fed rate cuts. U.S. gasoline demand hit 9.4 million barrels per day (bpd) for the week ending July 5, the highest since 2019. However, weaker demand from China, with an 11% drop in June crude imports, may weigh on prices. The U.S. active oil rig count fell by one to 478, the lowest since December 2021.