Oil prices were lower today finishing the week lower on declining Chinese demand. Data released last week showing that China’s total fuel oil imports, opens new tab dropped 11% in the first half of 2024 have raised concern about the wider demand outlook in China. “Yesterday’s better-than-expected U.S. GDP growth figures initially supported the crude market,” said George Khoury, global head of education and research at CFI. “However, these gains were overshadowed by concerns about declining Chinese oil demand.” Meanwhile, demand from the world’s top oil consumer was also expected to ease as U.S. refiners are preparing to cut back production as the end of the summer driving season in early September nears WTI traded down $1.12 or -1.4% to close at $77.16. Brent traded down $1.24 or -1.5% to close at $81.13.